Tuesday, January 1, 2008

Buying a House? Pay it off Faster

A lot of people buying their first house (and many people that already own houses) don't realize how much quicker they could pay off their mortgage if they just threw down a little bit extra per month. Making just one extra payment on your house per year can take 5-8 years off of your mortgage. Pay 2 extra payments per year and you could save more than 10 years off of your mortgage. I attached a link below so you can check out how quickly you can pay off your house (and how much money you can save over the life of your mortgage) by paying a little bit extra per month on your mortgage.

Mortgage Payoff Calculator


ChampDog said...

My strategy of buying house to pay off between 5 years to 10 years. If I can't do that, I won't buy for it usually. I will use the money to do other stuff.

Derek said...

That's awesome. I wish I had the financial ability to do that personally. You must be doing something right!