Updated 4 days ago on . Most recent reply
Tips on how to pay mortgage off faster
Hello to all, hope all is well. I have a mortgage and I am looking at my balance and doing the math the lenders are winning with the interest. How can I pay mortgage so it will be in my favor and see a drastic decrease in my mortgage instead of paying tons in interest. Thanks
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#2 Starting Out Contributor
- Flipper/Rehabber
- Pittsburgh
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#2 Starting Out Contributor
- Flipper/Rehabber
- Pittsburgh
it's a valid question but i don't think it's how most of us think about this.
yes, over the long term the bank gets a ton of interest. on the other hand, a 30-year fixed mortgage gets you 1. a fixed payment and 2. the ability to free your cash up for other things.
if paying off debt is a priority that's great - only you can decide what you're comfortable with. the flipside is, anything extra you put against the mortgage is cash you're not investing elsewhere, whether that's real estate or index funds or bonds or groceries.
hope this helps
happy to continue the dialogue