How to Save Thousands of Dollars in Interest and Pay Your Mortgage off Faster

There are a few easy ways to make extra principle payments that can save you a ton of money in interest expenses and get you mortgage-free sooner than you thought possible. Here are a few simple strategies you can use:

1. Round your monthly payment up

The results of this simple strategy can save you a fortune and drastically reduce the length of your mortgage.

As an example, if your monthly mortgage payments were $734 dollars a month, but you rounded it up to $800 per month, you would save more than $48,000 in interest payments, and reduce the length of your mortgage by 7.5 years!

2. Make One Time Pre-Payments Using Your Income Tax Refund

This is an easy way to save money and shorten your mortgage. For example, if you have a $100,000 mortgage, and you have a $1000 tax refund this year, you take apply that refund to your mortgage. Over time, this will save you more than $8600 and shave 1 year and 1 month off your mortgage! That’s another amazing result from a simple strategy.

3. Choose a 15 Year Mortgage

If you can afford it, you are far better off getting a 15 year mortgage instead of 30. It won’t cost you much more, and the interest savings are truly incredible.

If you have a mortgage of $100,000 at 8% interest over 15 years, your monthly payment would be about $200 more, but you’d end up saving $92,083 in interest over the life of your mortgage!

Using these strategies is the easiest way to reduce your interest expenses and shorten your mortgage period.

“Glen has been a great help in making the process of searching for a home a lot less stressful. With the information I gave him, about the sort of home I was looking for, he provided me with a great many properties to look through and within the price range I could afford. He even went so far as to point out which suburbs where better to live in when it came down to the safety of the area.

When interested in a property he was sure to ask the right questions and related that information back to me in a timely manner. When I finally found a property that I wanted to see Glen accompanied me and was a great help when asking questions to the builder/owner. That being said when I made the final decision on what home I wanted Glen walked me through the process from signing the contract to even providing me with a step by step list of the process which I was able to follow with great ease. This really helped ease my tensions as I knew I was in good hands.

I would highly recommend Glen to be your agent, he has proven to me that he cares as he put me first and made the entire process a smooth one. ” – Zack Lowe

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