What can be done to help pay off a mortgage quicker?

Asked by Trulia Jacksonville, Jacksonville, FL Mon May 13, 2013

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Wed Jul 31, 2013
We can refinance you to a 15 year mortgage. Call me at 904.224.2337 ext 410 at Bayway Mortgage Group.
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Margaret Rog…, Agent, Jacksonville, FL
Sun May 19, 2013
I also, would advise refinancing if you can to a 15 year mortgage. That's what I did. Also, although it is not heavily recommended you could tap into a retirement fund such as a 401k to pay it off faster. As some of the other professionals have said you could add more money each month. With all these great suggestions, you are well on your way.
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Bill Eckler, Agent, Venice, FL
Tue May 14, 2013
Many people, as Mike says are paying the same monthly amount but making the payments at two week intervals. Over a 30 year mortgage, this shaves years off your mortgage. Simple but effective!

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Annette Law…, Agent, Palm Harbor, FL
Tue May 14, 2013
Making reference to the amortorization shedule, add to each months payment the amount of the principle. In the beginning this is a very small amount but has significant long term consequences. Take special precaution that the bank applies the additional funds to the princile and not to other costs.
Use peer-to-peer lending to eliminate credit card debt. Apply the savings to the principle payment of home.
If 'WalkableHome' was purchased, exercise your option and apply the $12,000 to $17,000 annual benefit to your principle payment, boost you retirement account or college savings.
Stop buying food and apply to principle payment. This is a very short term strategy.
Best of success to you.
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Nadine Mauro, Agent, Lake Worth, FL
Mon May 13, 2013
Hi Pam,

You can use a mortgage calculator to determine how much quicker you can pay off a mortgage by adding a fixed amount to each mortgage payment.

For instance, if you had a $100k mortgage @ 4% interest your monthly payment of principle and interest would be $477.42. If you increased your monthly payment to $500.95 your house would be paid off in 329 months instead of 360 months. You would save the interest on 31 months payments and you would have your house paid off about 2 1/2 years sooner. These figures are based on a 30 year mortgage. If you were able to pay $524.79 per month the loan would be paid off in 303 months, or almost 5 years sooner.

For every few extra dollars you can pay toward the mortgage each month, you will lessen the duration of the mortgage and save yourself thousand of dollars in interest.

I hope you find this helpful. If I can be of further service please contact me directly.

Nadine Mauro
Highlight Realty
0 votes
Pam Graham, Agent, Orange Park, FL
Mon May 13, 2013
I wrote a blog post showing examples of paying extra on your mortgage and how fast you can actually pay it down with a little discipline and focus. Hope this helps:
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Andrew Saltm…, , Jacksonville, FL
Mon May 13, 2013
Refi into a 15 year mortgage.
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Mike Walsh, Other Pro, Jacksonville, FL
Mon May 13, 2013
If you pay every 2 weeks you will gain 1 month's payments every year.

You could also make a larger payment and have the extra go towards the principal
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