Let’s say you have a 30 year fixed rate mortgage. That’s 12 payments a year over 30 years. However, what happens if you make just one extra payment a year? By making one extra a year, after 12 years, that will be one whole other year paid off. Do this twice and it’ll take off two years of mortgage payments! I know everyone wants to get their home paid off as fast as possible, and this is one method that can make it happen. Check out this post by Trulia at the Yahoo Real Estate blog for tips:
-Review your current budget, put any extra money towards another payment
-Set a reasonable goal- start small and build up, even if you are only saving $10 extra a month
-Automate extra savings in your account to a mortgage payment