April 10th, 2017 4:54 PM by Nour Ailan
Paying off your mortgage can feel like endlessly feeding dollars into a vending machine and not getting to enjoy that candy bar until your appetite has disappeared. But trust us, eventually, your mortgage will be paid off and the return on the investment will be a sweet reward!
That said, you can work to shorten the total time until your mortgage is paid off and enjoy that reward sooner. Making one extra mortgage payment a year can shave off years of interest payments on that abode in San Francisco, CA, or that home in Colorado Springs, CO. What’s the key to making one extra payment this year?
Before you decide how you’ll make an extra payment this year, use mortgage calculators to understand why making an extra payment can save you years of payments down the road. For example, say you begin paying back a $150,000 mortgage with a 4% interest rate. Following a standard 30-year payment schedule, you can expect to pay off your mortgage by January 2047. But if you were to contribute one additional $716 payment each year, you could expect to pay off your mortgage in January 2043. That shaves a full four years off the total repayment time! Not a bad deal.
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