How to Pay off Your Mortgage Faster
As we go through life, we have lots of monthly bills to pay – utilities like electric and water, car loans, credit card bills and more. But probably the biggest monthly payment we’ll ever make is our mortgage. And for most of us, that big payment can be with us for up to 30 years of our lives. That’s 360 payments that take a big bite out of your budget every month. Even for those few who have 15-year mortgages, that’s still 180 monthly payments. Have you ever wondered if there was a way to pay off your mortgage faster so that you would be free of those payments each month? Well there is, and it’s easy.
Benefits of Paying Off Your Mortgage Early
Imagine how great it would feel to be done – completely done – paying your mortgage five or even seven years early. Think about the breathing room you’d have in your budget. Even more amazing, think of what you could do with that extra money each month: Pay off debts, take trips, afford those fun little extras that make life less stressful and more fun. Or, you could divert those monthly payments to a retirement account so you could rest easy knowing your later years will be comfortable.
Having Extra Money
Having extra money each month means something different to everyone, but one thing that’s the same no matter who you are or where you are in life: Youcan pay off your mortgage early and it won’t take a big bite out of your budget or require any fancy accounting maneuvers on your part.
How You Save Money By Paying Your Mortgage Off Early
And in addition to helping your monthly budget gain some much-needed breathing room, you save big money in another way too: By paying your mortgage early, you stand to save tens of thousands of dollars in interest payments.
Here’s an example: Suppose you have a $200,000 mortgage at a 6% interest rate. Over a 30-year period, you would pay $231,676.38 just in interest. By cutting off seven years of your loan, the interest you’d pay drops to $169,203.66. That’s a savings of $62,474.72 – and that’s money you’re putting in yourpocket, not the bank’s.
How To Pay Off Your Mortgage Early
The goal of the AutoPayPlus service: To help you get your mortgage paid in full much more quickly so you can enjoy more – lots more – of your hard-earned money. The customer-friendly AutoPayPlus service relies on bi-weekly payments to help you get our of mortgage debt faster; instead of paying, say, $1,500 once a month – or 12 payments a year – under the AutoPayPlus strategy, you’d pay $750 every other week for a total of 26 payments a year. That ends up being a whole extra payment each year, but because you make it over time, it doesn’t have the same impact on your budget – it becomes a regular routine.
Sounds complicated, but we make it easy. AutoPayPlus establishes a bi-weekly plan with your lender so you don’t have to worry about the details. We take care of your plan’s management so you can relax, knowing you’re taking good care of your money and your financial future.