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How Can You Pay Off Your Mortgage Quickly

You’ve weighed the pros and cons and have made the decision – you want to pay off your mortgage quickly.

 

For many people, paying down a mortgage quickly seems like a daunting task. But, if you look at all the little expenditures – a windfall here, an expense to cut there – you might be surprised how they can make a big impact on the rest of your financial life. For many who have done so, the sacrifices are worth it.

 

What are the best ways to do so? Here are ten ways to pay off your mortgage quickly.

 

1.  Pay a little extra each month. It doesn’t have to be much – select a set amount that you can afford such as $25 or $35 per month or more, then add it to your usual payment. This will reduce the bill more quickly.

 

2.  Once a year, add an extra mortgage payment or double up.

 

3.  Did you get a tax refund this year? Found money is easy to add into the mortgage.

 

4.  If you receive a bonus at work, that can be added into your mortgage.

 

5.  Do you have bonds or CDs? As they mature, add them into the mortgage instead of re-investing them.

 

6.  Did you receive a windfall, like an inheritance, big commission payout or royalty? Invest that into the mortgage.

 

7.  Tighten the belts. For example, many people are finding that they don’t need those streaming services, trash on Amazon and hard landlines are dead. Cutting the corners on streaming & phone bills can bring extra money for your mortgage.

 

8.  Consider a second job. Do you love wrapping presents? Seasonal gift wrapping at the mall might be a nice way to earn a little cash. Enjoy a good walk? Consider earning a little more money by walking dogs in your neighborhood. If you can earn money doing something you’re happy doing anyway, it doesn’t feel like such a chore.

 

9.  Forego some luxuries now so that you can have more freedom later. If you’ve recently done some traveling, why not take a staycation next time you have a long weekend. The money you save on airfare and hotel can be applied to your mortgage.

 

10.  Cut the little things. Are you still spending a lot of money on small things like lattes, or are there monthly subscriptions (think music streaming companies, website membership fees or a gym membership) that you no longer need? Take that monthly expense out of your credit card and roll that into your mortgage. Do you know what you are spending on one beer at a bar now? The money you save on the little things can make a big impact on your life in a few years.

 

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