Pay Off Your Mortgage Sooner

Pay Off Your Mortgage Sooner

Pay Your Mortgage off Sooner & Save Thousands of Dollars in Interest

There are a few easy ways to make extra principle payments that can save you a ton of money in interest expenses and get you mortgage-free sooner than you thought possible. Using these strategies is the easiest way to reduce your interest expenses and shorten your mortgage period:

  • Round Your Monthly Payment Up

    The results of this simple strategy can save you a fortune and drastically reduce the length of your mortgage.

    As an example, if your monthly mortgage payments were $734 dollars a month, but you rounded it up to $800 per month, you would save more than $48,000 in interest payments, and reduce the length of your mortgage by 7.5 years!

  • Use Your Tax Refund to Make One Time Pre-Payments

    This is an easy way to save money and shorten your mortgage.

    For example, if you have a $100,000 mortgage, and you have a $1000 tax refund this year, you take apply that refund to your mortgage. Over time, this will save you more than $8600 and shave 1 year and 1 month off your mortgage! That’s another amazing result from a simple strategy.

  • Choose a 15 Year Mortgage

    If you can afford it, you are far better off getting a 15 year mortgage instead of 30. It won’t cost you much more, and the interest savings are truly incredible.

    If you have a mortgage of $100,000 at 8% interest over 15 years, your monthly payment would be about $200 more, but you’d end up saving $92,083 in interest over the life of your mortgage!

CHECK OUT THESE LINKS:

Our Office

902.499.5050

kris-gerrior@coldwellbanker.ca

32 Glendale Avenue
Lower Sackville, NS B4C 3M1

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