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how to pay off your mortgage

In a nutshell, the advantage of paying off a mortgage (or any type of debt) early is that you pay less interest. For example, if you owe $150,000 on a 30-year, fixed-rate mortgage at 5%, your monthly payment will be about $800.

Paying off your mortgage early frees up that future money for other uses. While you would lose the mortgage interest tax deduction, the after-tax savings on the cost of the debt can still be substantial.

Owning a home without a mortgage can improve your cash flow in retirement. (iStockPhoto) Owning a home can lead to a comfortable retirement. In theory, you buy a house when you’re 30, faithfully make.

 · As part of our pre-retirement planning, my husband and I have decided to pay off our mortgage before we retire. We’ve been making extra principal.

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Paying off a mortgage early: Here’s my story. My mortgage payoff story began in October 2010 – during the housing crisis – when I purchased a one-bedroom condo in Atlanta for a little more than $100,000. But even before all of my boxes were unpacked, I set a goal to pay off my mortgage by my 30th birthday, which was less than five years later.

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Paying off our mortgage early is a guaranteed return. We will save thousands of dollars in interest with our early payoff plan. We could invest the extra principal payments, but we aren’t.

If you’re a homeowner, you’ve likely thought about how to pay off your mortgage early. That bill for your home loan arrives like clockwork every month, so it only makes sense for you to devise a.

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Right now mortgage rates are very low, so if you are wanting to pay off your mortgage quicker, consider refinancing. Just click here to see how much you can save. Starting to pay off principal at any point during the term of the mortgage loan will help save you money, but start early on to make the most difference – the first half of the payments go toward interest. After the halfway point, the majority of your monthly payment goes to the principal.

You pay less in mortgage interest: Once you’ve paid off your mortgage, you also stop paying the interest on it (the extra cost for taking out a loan). On a $200,000 house, you could possibly save more than $15,000 in interest charges.

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