How to Pay Off Your Mortgage in 1/3rd the Time & Save Thousands of Dollars in Interest

Video Transcript

"This is Patrick Munro talking about how to pay off your mortgage in one third of the time and save thousands in interest. It is possible to take a mortgage and abbreviate it over time. A typical mortgage has a twenty-five year pay off, sometimes a thirty year pay off. It's called an amortization, and as a result, thee mortgage has an amortization schedule. Thee amortization schedule is is one that you can choose to accelerate, and so if you get an additional amount of money in your life, you can make an additional mortgage payment. One additional mortgage payment will accelerate thee schedule by many months. So if you continue on doing this and set it up with a specific goal in mind to retire your goal, you can many times pay off the mortgage, you know, in a third of the time. This requires a very much of a commitment and also there are companies and consultants that do this, and they'll set up computer software models to allow you to do this as well. If your goal is to pay off your mortgage in a third of the time, this is a great strategy. This is Patrick Munro, financial adviser."