Discover 7 practical strategies to pay off your mortgage faster, including extra payments, side income, and life insurance leverage. Reduce interest and achieve homeownership freedom sooner.
Paying off your mortgage years ahead of schedule may seem impossible, but itâs much easier than you think. Here are seven ways to accelerate your final mortgage payment without breaking a sweat.*
Not sure where to find extra cash? One source could be starting a second job to supplement your regular paycheck, where all the money from your second job goes toward extra mortgage payments. If youâve got a permanent life insurance policy with a healthy cash value balance, you could tap into that (through sensible withdrawals or policy loans) to quickly minimize your mortgage.** Or, you could finally go through your attic and sell some of those stashed-away goodies on eBay to bring in some extra cash, transforming your collectibles into mortgage principal pay downs.
Remember: Every extra amount you send to your lender reduces your principal balance, which in turn decreases the total interest you pay on the loan. And that helps you pay it off faster than expected.
*Examples are for a $300,000, 30-year mortgage with a 4 percent interest rate
**Withdrawing funds from your permanent life insurance policy will reduce the policy benefit.
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