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How to Cut Years Off the Life of Your Loan

There’s a simple trick that you can use to cut down the life of your mortgage, and today I’ll share the secret.

Suppose you have a $150,000 mortgage with a 3% interest rate. For 30 years, your monthly payment will be around $630.

However, if you add an extra $100 to your payment every month, it’ll take around six years off of the life of your loan.

This will also help you build equity, which will allow you to wipe out your mortgage insurance premium, which is a large part of your payment. That comes off when you’ve paid 20% of your mortgage, and when you do, you can shrink your timeline even further.

Click here for more information on how to add extra payments each month using an amortization table over the life of your loan.

For any questions you have, don’t hesitate to reach out to us. We’d love to help you.

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Caitie Neal

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