Did you know that adding $25 or $50 to your mortgage payment (make sure the extra funds are assigned to the PRINCIPAL) can shave off 2-4 years and save thousands of dollars worth in interest?
- Decide how much faster you’d like to pay off your mortgage.
- Use any mortgage pay off calculator to help you determine the extra amount you need to apply to your principal on monthly basis.
- Use portion of your tax refund each year to make extra payments.
- Are you an empty nester or single? Consider renting out rooms, or a basement if you have one, to generate extra income. Apply that income to your extra mortgage payment.
Today's tip brought to you by Mvelopes and Money4Life Coaching.