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In this video I show you how to pay off your mortgage fast and early in less then 5 to 7 years. If you have a mortgage loan you have a amortization schedule. Finding it is easy. Get ahold of your mortgage lender or sometimes it is available online. Having this schedule will help you to better understand how to use it to your advantage to pay your mortgage at record speed and get out of debt quickly!

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How to Pay Off Your Mortgage Early in 5-7 years!

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CleanCutCouponing : How to Pay Off Your Mortgage Early in 5-7 years! Using an Amortization Schedule!

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23 COMMENTS

  1. Essentially double your total minimum mortgage repayment per month. This will smash your repayment times and make you pay far less interest over the life of the loan. Good information.

  2. Pay off your debts first. THEN BUILD A SAFETY NET at least 3 months worth) if you have no savings and youre putting all your money into the mortgage and then sonething happens (which never does) you lose job, etc. You have nothing to make the next month mortgage payment and end up losing the house anyway. A 3 month safety bet buys you 3 months to find a new job or whatever it is you need to do.

    Also, if you know you can invest your money and make around 7% interest, it may be more beneficial to try and grow your own net worth up rather than just paying down your house. If you do that you cant let the 185,000 going to interest scare you.

    if you invested 250 a month and get 7%interest annually thats 126,000 in your hands on top of the equity you built in your house.

    I love this video and think its very smart and am so thankful you arent telling people to use a heloc.
    I personally would just rather have my money in my hands. I can invest more than 250 a month and if in 30 years i can make myself a millionaire by growing my own account, Who cares if i gave the bank a bunch of interest.. it still hurts but you're a millionaire..

  3. If you want to pay off a 30yr mortgage early without making principal payments, move to a bi-monthly payments. On average this will shorten your loan by 6+years. Next step, add a principal payment every month and watch your mortgage start to disappear….next step, take a bonus or tax return and throw it at the debt, soon you'll be under the 10 year mark. Tons of money saved.!!!!

  4. Sure, I am not American but Swedish and our system might be somewhat different. I feel it is more important to invest your earned money on the stock market, since the return I can get there is easily better than the interest on any mortgage here. So we prefer to pay the minimum amount on our mortgage, which is 2% per year and instead invest the rest we can afford.

  5. Terrific if you can do it. Unfortunately I went the long way around and I can't WAIT to be done! Bought my mortgage in 1999, paid 5 years, on the 30 year note. Refi in 2005 at a much better rate for 15 years. Monthly payment $1550/mo. I'll be done in January 2019. WOOO HOOO! I retired at 56 (2 years ago) and this is the only thing I owe. But at least I cut 10 years off my mortgage. Rental rate for my house in the Atlanta burbs is about $1500/mo. I still have a few years to go before my SS kicks in. Early retirement will net me about $1500/mo, plus the rental …around $3K/mo income. Not too bad I think. And I can still work….if I wanna!!! Or sell online (which is what I've been doing for the last couple years) for extra "fun money." Good luck ya'll.

  6. Emotionally I get it. No one wants debt hanging over their head. But pragmatically, Why would one choose to pay any additional spare cash towards a near historically cheap mortgage? Far better of going through the same thoughtful frugal lifestyle but investing the extra cash. In Canada that means making out RRSP, any RESPs, TFSA and then doing same for the spouse. Why lock in at an effective gain of 2.5-3% when you can get much better returns elsewhere. Plus this money is more liquid to use in case of unforeseen events than locked into a paid down mortgage. (secured line of credit minimizes this issue.) And since you still own the place any capital gains are still yours but more leveraged.

    As interest rates raise though, at some point it may well make more financial sense to pay down. Not until they double or more though.

  7. I'm a mortgage broker in Chicago. Great explanation of amortization. Would love for you to checkout my channel for in depth mortgage videos. I just added a video with a downloadable amortization schedule for your users to take advantage of. It actually has an extra payment calculator built in the excel spreadsheet.

  8. So I went to my mortgage company's amortization calculator and with an extra $25 per month and one extra full payment per year (I pay half every two weeks on autopay so it adds up to an extra payment at the end of the year), I save over $15K in interest and pay off my house four years early. That is painless! Thank you!!!

  9. Hi: just for understand the concept bit more, if I pay the $200 every month towards the principal how many months will I be able to cut from the whole mortgage assuming my mortgage similar to yours.
    Thanks

  10. Wow, this is one of the best postings I have seen. Def makes sense. I am doing 300 extra a month on my VA loan, but trying to do more than that. Thanks for this advice. Awesomeeee video

  11. New subscriber. This video came up in my suggested. Immediately pulled out my amortization schedule and went right online to pay another principle payment and change my auto payments to include another principle each month. Thank you!!!

  12. Good info ….but if my mortgage its of 2,980 how much extra do i need to pay sorry if the question is dumb but when it comes to numbers i get so overwhelmed i tend to confuse myself

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