Mortgage
First time home buyer, been in my home for year question what is the best and the quickest way to pay off a 30 year fixed mortgage. Probably won’t live to see it paid off I’m already 57 soon-to-be 58
Terry Says
Suddenly this is an interesting question. I’ve always advocated paying off your mortgage early. But at today’s low rates (and I’m assuming you have a rate of below 3.5%) that may not be the best idea. Especially, if you can’t strategize to pay it off before you retire.
Maybe instead build up liquid cash savings for an emergency is a better way to go =–if you have the discipline not to spend the money!
But ifyou do want to pay it down faster, just add a fixed same amount each month to your payment, say $300 or $500. Specify with the servicer that this money is to go toward principal. And the servicer can tell you exactly how long it will take you to pay it off if you stick to this plan — and how much interest you will save vs paying it off in 30 years.
