How to payoff your mortgage in half the time

Save Thousands of dollars...payoff your mortgage early
I will give you step by step instructions on how to payoff your 30 year home loan in 15 years or even less and save thousands!!

Difficulty level: Easy

Instructions:

Things You'll Need: An amortization schedule

1. 1 It's easy to save tons of money when you payoff your house early
If you have a fixed interest rate mortgage on your home with no prepayment penalty, you can pay off your 30 year mortgage debt in 15 years and save lots of money on interest.
This strategy applies to any fixed rate mortgage whether it be 40 years or 10 years.

2. 2 Here's how....
1. Ask your mortgage company for an amortization schedule. An amortization schedule, it is a table detailing each chronological payment on an amortized loan, they are generated by an amortization calculator. They should be able to email it, or maybe you can create it from your bank's website, worst case scenario it will cost you about 20 dollars. (Think of a changing banks)
2. When you receive it, look at your current payment. It will have a breakdown of your payment showing amount of principal, interest, taxes, insurance and your principal balance after that payment.
You will be amazed at how small the amount is of principal. There is a reason for this...most of the interest you pay is in the first years of your mortgage.
3. On the amortization schedule, look at your current payment due.
4. Pay your total monthly payment plus next months principal payment. If you wish, you can pay more than 1 extra principal payment.
5. Write out 2 checks...1 for your current payment and the other for additional principal.
6. On your check where it is labeled memo, write additional principal.
7. There will also be a place on your payment coupon to write in additional principal and your total payment.
8. After you write the amount, check it off your amortization schedule so you can keep up with your payments.
When you do this, you eliminate that months interest, thereby decreasing your mortgage debt. You can now pay off your mortgage debt in half of the time or less e. g. 360 payments into 180 saving boatloads of interest money.
You will be amazed at how small the extra principal amount is and how much interest you save!!