different ways of paying off your mortgage sooner
Paying off your mortgage earlier can save you money on interest and give you financial freedom sooner. Here are some strategies to help you achieve this goal:
1. Make Extra Payments
Biweekly Payments: Instead of making one monthly payment, make half of your mortgage payment every two weeks. This results in 26 half-payments or 13 full payments each year, effectively making an extra payment annually.
Extra Monthly Payments: Add extra money to your monthly mortgage payment. Even a small amount can significantly reduce the loan term and interest paid.
Lump-Sum Payments: Apply any windfalls, such…
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