answersLogoWhite

0

How can I pay off mortgage fast?

Updated: 9/19/2023
User Avatar

Wiki User

10y ago

Best Answer

You can pay off your mortgage fast by making large extra payments or paying a large extra amount with your mortgage payment.

For example, a $150,000 mortgage at 5% for 30 years, paying $300 extra per month reduces the number of monthly payments by 159, or 13.25 years, and reduces the interest and total paid by $68,321.30.

If you want it paid off sooner, paying $600 extra per month reduces the number of monthly payments by 218, or 18.17 years, and reduces the interest and total paid by $91,039.96.

User Avatar

Wiki User

10y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: How can I pay off mortgage fast?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Continue Learning about Finance

How fast can you pay off a 30 year mortgage if you make an additional payment a year?

22.5 years


How can you remove the cosigner from a mortgage?

You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.


Do I pay off my mortgage buy more gold or invest in more stock?

Pay off your mortgage.


How can someone be taken off a mortgage?

The only way to get someone's name off a mortgage is to pay it off and refinance if necessary.The only way to get someone's name off a mortgage is to pay it off and refinance if necessary.The only way to get someone's name off a mortgage is to pay it off and refinance if necessary.The only way to get someone's name off a mortgage is to pay it off and refinance if necessary.


How do you get your name removed from the church mortgage loan?

Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.

Related questions

to pay off a mortgage?

which grant can I apply to pay off a mortgage


How fast can you pay off a 30 year mortgage if you make an additional payment a year?

22.5 years


How can you remove the cosigner from a mortgage?

You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.


How can someone be taken off a mortgage?

The only way to get someone's name off a mortgage is to pay it off and refinance if necessary.The only way to get someone's name off a mortgage is to pay it off and refinance if necessary.The only way to get someone's name off a mortgage is to pay it off and refinance if necessary.The only way to get someone's name off a mortgage is to pay it off and refinance if necessary.


Do I pay off my mortgage buy more gold or invest in more stock?

Pay off your mortgage.


Is there any online training on how to pay off mortgage early?

You just can pay your full mortgage off at once. So you would have no mortgage left you have to pay back :)


How do you get your name removed from the church mortgage loan?

Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.Generally, the only way to have your name removed from a mortgage is to pay that mortgage off and refinance in someone else's name.


How can you terminate your mortgage?

Pay it off


How can a mortgage overpayment calculator help to pay off a mortgage faster?

A calculator can show a mortgage home buyer how quickly they can pay off their home and how much they save when they pay off the principal of the loan over a given time.


Can heirs make payments to keep the home of a reverse mortgage?

Yes. They can pay off the mortgage within a certain time period set by the lender.Yes. They can pay off the mortgage within a certain time period set by the lender.Yes. They can pay off the mortgage within a certain time period set by the lender.Yes. They can pay off the mortgage within a certain time period set by the lender.


When do mortgage repossessions occur?

Mortgage repossession occur when you have no money to pay off your mortgage and only happens as a last resort to make up for the payments you can no longer pay off.


Can a family member buy the house that is in a reverse mortgage?

Only if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgageOnly if they pay off the outstanding debt owed on the mortgage