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Old 09-30-2014, 10:17 AM
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DavidBibby DavidBibby is offline
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Default Have you ever paid extra on your house?

Recently my wife and I have begun accelerating the payoff on our house. We've got a 30 year mortgage, but we want to pay it off in less than 15 years... the only way we'll do that is if we start paying extra on the principal each month.

Does anyone have an experience like this they'd like to share? Did it work for you and how fast did it pay off your house?
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Old 01-22-2015, 10:20 AM
yonkerlee yonkerlee is offline
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Default Re: Have you ever paid extra on your house?

I have rented some rooms and have paid extra tax on it.
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Old 12-13-2015, 08:07 AM
fhaloanboise fhaloanboise is offline
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Default Re: Have you ever paid extra on your house?

Quote:
Originally Posted by DavidBibby View Post
Recently my wife and I have begun accelerating the payoff on our house. We've got a 30 year mortgage, but we want to pay it off in less than 15 years... the only way we'll do that is if we start paying extra on the principal each month.

Does anyone have an experience like this they'd like to share? Did it work for you and how fast did it pay off your house?
Yes Its possible..You can do it very easily.
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Old 04-02-2016, 12:17 PM
Here2help Here2help is offline
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Default Re: Have you ever paid extra on your house?

Making extra payments will help. I'm sure that you've googled different mortgage calculators to see what you can do to change pay-off dates.

If you have a 30yr mortgage adding just principle portion to your current payment will make allow you to pay if off in 15 yrs.

The other easier way is to all add in bi-weekly payments or pay 13 times in a year. This typically takes off a few more years.

I would talk to your bank to see how they handle bi-weekly payments. My last mortgage wouldn't take payment until full payment amount was reached.

If you want to be even more aggressive with paying off your mortgage, take a look at your budget. See where you can add in extra payments. Is some other things like converting your hobbies into something that you get paid to do and use that extra money to pay down the loan.

Or do what my wife & I did... sold the house & down sized. No more debt
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