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A mortgage can easily become a “lifelong” burden when you consider that traditional mortgages are structured anywhere from 25 to 30 years!
Want to pay off your mortgage faster? Consider these four savvy strategies:
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Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.
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That’s a nice infographic! I’ve accelerated my payments by doing biweekly option and also pay an additional amount per month, AND I’ve made lump sum payments. It really makes a big difference with knocking the interest off the amortization schedule.
Hi GYM. I agree, those little additions make a whole world of difference when you consider how much interest you get to save over the life of your mortgage!
Hi Steve.
Wow – that’s a great achievement! We are still in the early stages of paying down our mortgage, but hope that by adding in a little here and there, we can significantly reduce the amortization period. The standard 25-year mortgage is a long time to be in debt.
Nice infographic! We hope to start doing them too 🙂
We plan to pay off our $500K+ mortgage in 5 years by 2020 by 39 years old. Wish us good luck 🙂
99to1percent recently posted…How we plan to pay off our mortgage in 5 years
https://99to1percent.com/pay-off-mortgage-5-years/
@Ms99to1percent – Thanks for stopping by.
You have actually taken big chunks out of your mortgage and I think you’re already on your way to becoming mortgage-free very soon 😉
Love your info graphic here!
My fiancé and I are planning to reduce our mortgage by $70,000. Our 2018 goal!! After yesterday’s rate hike, we feel the urge to do it sooner.
We plan to do that by making lump sum payments throughout the year. Hopefully things work out!
@Finsavvy Panda: Thanks! We are also looking at taking a bite out of our mortgage this year – hopefully an additional $30,000. With rates looking up for the forseeable future, it’s a good time to start dealing with our biggest debt. 😉