Mortgage Pay Off Early

Plan 3: Mortgage Free in Retirement
Are you facing retirement in a few years? Do you really want to be paying a mortgage when you retire? Here’s a plan that will allow you to be mortgage free when you retire. Let’s say you have recently obtained a mortgage and you plan to retire in 12 years. [...]

Now that see how you can save money on your mortgage, here is how you begin. The first thing you should do after reading this site is to take out your mortgage note. Look at the note to see if there are any prepayment penalties. A prepayment penalty is a fee the lender may charge [...]

Most lenders already have a space on the payment coupon (or stub) you will send in each month with your payment for additional payments towards principal. If that’s the case, just fill in the amount that you want to add that month and enclose it along with your payment. If your coupon does not have [...]

You may be wondering how prepaying will effect your taxes and deductions. Lets say you’re filing jointly and you are in the 28% federal tax bracket. For every dollar in interest you pay out, Uncle Sam will only pick up 28 cents and you will net spend 72 cents. However, if you can avoid paying [...]

A mortgage that has grown in popularity is the 15-year mortgage. Fifteen-year mortgages are an excellent way of reducing your interest costs. There is a misconception by some people that the monthly payment of a 15-year mortgage would be twice as much as the 30-year mortgage. Not true at all! Instead of the $1,498.88 monthly [...]