Anne TootillHow to pay off your mortage sooner
January 27th 2008 02:04
From 'My Journey to Eliminate Debt', on bloghop.com
I realise that not everyone wants to pay off their mortgage in 5 years like me but what if there were a few simple, ways that you could reduce your mortgage? There are some small changes you can make that could save you thousands of dollars for very little effort. Here are some painless ways to pay extra off your mortgage.
Pay your mortgage payment weekly or fortnightly. Even if you do nothing else this will save you a lot of money. Just set up an automatic payment to occur the day you get paid.
Set up your Pay pal account to pay into your mortgage, then any eBay sales or affiliate profits can be paid off your mortgage with the click of a button.
Have your health fund refunds paid into your mortgage account.
Pay all bonuses, tax refunds, holiday leave loading and pay rises straight off the mortgage.
Throw all your loose change in a jar and pay it off the mortgage each month.
Now if you want to work a bit harder at reducing your mortgage faster here a few more ideas.
Increase your payment by $20-$40 each month. That's only $5 - $10 a week.
Get a second part time job and have the wages paid straight into the mortgage account.
At the end of the month check your account and pay any extra funds off the mortgage.
If you both work, live off one income and pay the other wage off the mortgage.
I am doing these, (except the second jobs ones) and once my husband gets a job we will be continuing to live carefully on one wage and pay the other off our mortgage.
Small increases in payments can have a big impact over time. Put some numbers through an extra payment calculator (see right sidebar) and see just how much you can save in time and money.
I realise that not everyone wants to pay off their mortgage in 5 years like me but what if there were a few simple, ways that you could reduce your mortgage? There are some small changes you can make that could save you thousands of dollars for very little effort. Here are some painless ways to pay extra off your mortgage.
Pay your mortgage payment weekly or fortnightly. Even if you do nothing else this will save you a lot of money. Just set up an automatic payment to occur the day you get paid.
Set up your Pay pal account to pay into your mortgage, then any eBay sales or affiliate profits can be paid off your mortgage with the click of a button.
Pay all bonuses, tax refunds, holiday leave loading and pay rises straight off the mortgage.
Throw all your loose change in a jar and pay it off the mortgage each month.
Now if you want to work a bit harder at reducing your mortgage faster here a few more ideas.
Increase your payment by $20-$40 each month. That's only $5 - $10 a week.
Get a second part time job and have the wages paid straight into the mortgage account.
At the end of the month check your account and pay any extra funds off the mortgage.
If you both work, live off one income and pay the other wage off the mortgage.
I am doing these, (except the second jobs ones) and once my husband gets a job we will be continuing to live carefully on one wage and pay the other off our mortgage.
Small increases in payments can have a big impact over time. Put some numbers through an extra payment calculator (see right sidebar) and see just how much you can save in time and money.
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