Lets say you buy a house for $300,000, you down 20% and get a 30 years mortgage. At the end of the 30 years when you look like me, you would have paid 278k dollars in interest, and that was only at 6% if it was just 1% more it would have been 335k.

So in this video, I’ll help you finish your mortgage faster and save a lot of money while you do it also

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There are several different method, but the best thing you can do, is make sure the house you buy is a house you can afford to pay for with just 33% of net income per month, this leave room in your budget to play. Don’t be the guy who breaks the bank for 30 years just to buy a shelter

One easy thing to do is ( instead of Getting a 30 year mortgage get a 15 year mortgage )

And for the sake of simplicity lets stick the example, we’ve been using this entire time

300k, 30year mortgage, 6%, 20% down ( 278K )

However if you switch from 30 year to 15 year

Well the number goes down to 120k

And the amount of time you spend worrying about a mortgage goes down by 15 years

That’s a massive deal

The pro is: you save a lot of money interest, and you’ll be mortgage free in half the time

The con: payments are 2,025 vs $1,438 dollars on 30 years mortgage ( the people that are buying to much house don’t like this )

Make One extra mortgage payment a Year

now let’s remember you are paying about $1,500 a year almost

What would happen if you just made one more payment each year

You would think not a lot but check the math

That single payment each year of $1500 dollars

Saves you about 62k in interest

And instead of finishing in 2053 you finish in 2048 ( that’s 5 years early )

That’s the power of just one extra payment

Ps: divide you monthly mortgage payment by 52, and that’s how much you need to save per week to be able to make that payment

Tax your Paycheck ( take 10-15% of your check every time you get paid )

Now lets say I make $4,000 a month

And I took just 10% of my check as a self tax to payoff the mortgage early

How much would that save me

The answer is:

It saves me 128k and about 12 years of payments

Me personally: my plan would be a simple one ( Do both )

First I would get a 15 years mortgage, payments are higher but I finish faster and it forces me to buy an affordable house ( no more than 33% of my net income )

Second i would self tax myself to finish paying it off faster

Overall its not about saving on interest as much as it is, about being mortgage free as fast possible and not having to worry for 30 years

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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