Fastest way to pay down mortgage

Ummm, that's paying down someone else's mortgage. Perhaps you should read the thread title again? lol

 

If you're paying rent, and the owner is presumably making mortgage payments, then you are paying double the mortgage, and everyone knows that paying double of something means you're paying it off faster. There are a lot of assumptions there.

BS aside, my mortgage agent told us to just try and make one extra payment per year and that would take a 30 year mortgage to 20 years.

 

Switch to a 15 year mortgage if not already done so. Hen set up automatic additional funds monthly. $100, $200, or whatever you can afford at the time. Each year, when you get a raise, bump up your retirement 1st, then bump up mortgage extra payment, then little leftover goes to free cash to play with

Limit frivolous spending on mods, booze, and going out to party. Pay off your car, credit card, etc and you’ll be in better shape than most.

 

https://youtu.be/cNzEUMsyX7k

 

Don't make payments late.
Pay extra every month, better than once a year.
Keep a emergency fund, six months worth.
Get a second job or another income source.

Where I retired from, motorcycle owners (some) got upset because there principle wasn't going down, then you try to explain to them that every payment they made was real late and they signed a contract that had a high interest rate, mostly due to their piss poor credit. Saw some accounts where they ended up paying almost twice what the bike sold for.
Duane

 

i am not sure why they would tell you to do that with rates as low as they are now

everybodys situation is probably different though
i just heard some really good financial planning in the past that not many seem to adhere to or have knowledge of

 

This is a good time to revive this thread. Interest rates are much different than they were 2 years ago.

 

This is probably the first time I've seen a new members 1st post, not asking which oil to use. Or biggest tire can they fit with no lift.

 

Unfortunately the best time to refi was a year ago. I snagged a 2.3%, 15 year term. So now I have room to pay down the new car plus what remains on the Taco, and try to snowball it from there. I hope.

Interest rates now aren't the worst they've ever been, but they aren't great either. The best bet now for a buyer is to hold on as long as one possibly can to wait for prices to fall, then make the purchase, and then refi when interest rates eventually drop.

Or if you're keeping the home you're in, pay a couple hundo extra into the principal.

 

I linked your question to a thread with some pretty heavy thinkers involving money. I hope some responses will help you with your question.

This is the link.

https://www.tacomaworld.com/threads/╯°□°-╯︵-┻━┻-sʞuoʇs.688708/

 

They're lower now then they will be in 3 months. The FED isn't close to slowing rate increases yet. I'm betting their "target" goal ends up being 8% by mid-2023.

 

Onlyfans.

 

Currently pay weekly payments... And making extra principal payment end of each year as well... Mortgage paying down significantly faster than traditional payment strategy... This takes some discipline, but it is worth it...

 

I pay every other week and each payment is about $50 more than scheduled. It's amazing how fast the principle is dropping. If I would stop the mods, the CC balance would evaporate too!

 

That gets expensive each month looking at feet. It certainly won’t help pay off the house.

 

I put $1000 at the end of the year towards my principal

 

We re-fi'd ours at 2.25%-15yr. I doubt that's available nowadays.

Look at the typical loan structure, interests are paid very heavily during the first 1/3 of the terms. Making extra principal only payments early will benefit a lot more than late.

 

Alternatively,