Difficulty: Moderate
Instructions
-
Step 1
The first thing you want to do is to make extra payments to the priciple of your mortgage not the interest because ot will pay down your balance quickly.
-
Step 2
It is a good idea to look at what you are spending extra money on each month and move that money to pay on your mortgage and get it paid off much faster.
-
Step 3
A good rule of thumb is to pay about 3% to the principle which is about $45 dollars on a $1500 mortgage. You will be surprised how much faster you can get rid of your mortgage by doing this.
Comments
teachermom said
on 12/19/2008 Very helpful. thank you!