web stats
author Call Us: 915-751-1500

Compare Listings

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.


Caitie Neal

Related posts

Fireproofing Your House 101

Whether you see a whirring fire truck pass you by or turn on the news and hear about the latest...

Continue reading
by Brian Burds

How is Technology Impacting Real Estate?

From the phones we carry around in our back pocket to the laptops that we stare at for hours on...

Continue reading
by Brian Burds

What is Home Appreciation: Understanding Equity, Investment Potential, & Housing Market Trends

Buying a home is not just a personal decision for you and your family, it is also a financial...

Continue reading
by Brian Burds