Coldwell Banker Realty
Coldwell Banker Realty
Jamie Dee Frontiero, Coldwell Banker RealtyPhone: (603) 205-4705
Email: [email protected]

Steps to Paying off Your Mortgage Quickly

by Jamie Dee Frontiero 02/21/2021

Photo by ESB Professional via Shutterstock

If the thought of getting a mortgage and being in that much debt is stopping you from buying a home, plan to pay it off. Here’s how you can do it in just five to 10 years.

  • Live well below your means. If you can keep your mortgage payment to below twenty percent of your take-home pay, you’re on your way. That means that instead of buying a larger house in an upscale community, buy the nicest one you can in the neighborhood you can afford. When you do this, you’ll not only save on the payment but your energy and maintenance costs will be lower, as well.
  • Take a 15-year mortgage. Instead of the typical 30-year loan, opt for the 15-year choice. Your payments will be slightly higher, but they won’t be double. Use an online mortgage calculator to see the difference in the payment. You’ll be surprised at how much more affordable cutting the loan length in half can be.
  • Use an early mortgage pay-off calculator. Try plugging in different payment amounts to see how quickly you can pay it off. Adding as little as $100 extra each month can massively reduce the years to completion.
  • This next idea is easy if you get paid weekly or bi-weekly. Instead of making your mortgage payment once a month, pay half of it every two weeks. Using this trick allows you to make an entire extra payment each year, cutting months and years off your mortgage. If you do it to match your bi-weekly payments, you won’t even notice the additional payment out of your household budget.

Your Agent Can Help

When you’re looking for just the right house to put your plan into action, your knowledgeable real estate agent can find you the perfect one. Let them know what you’re trying to accomplish so that they match you to the right house at the right time.

About the Author
Author

Jamie Dee Frontiero

Since joining Coldwell Banker, Jamie has distinguished herself as a Top Producing Realtor along the MA North Shore & NH Seacoast. She has been the #1 Selling Agent in her office since 2014 and consistently ranks in the "Top 100" of all Coldwell Banker agents in New England.  Jamie's proven track record of high-annual sales coupled with a genuine respect for her clients sets her apart from other agents...she is known for her tenacity and energy, as well as her contract expertise. Jamie's extensive experience enables her to interpret a wide range of market conditions, price homes correctly and negotiate effectively for her clients, regardless of their property endeavors. 

Jamie knows that in today's competitive Real Estate markets, property presentation has become more important than ever. To ensure all her listings look stunning on line and in person, Jamie includes Professional Staging & Photography services, at no cost to her sellers.  Jamie is highly revered for the quality of her listings...they attract the strongest buyers, sell in the shortest time possible and, for the most money. Over the years Jamie has developed lasting relationships with a dedicated group of Attorneys and Loan Officers as well as ServiceVendors, ready to assist with: pre-listing updates, post-inspection repairs or after-sale improvements. 

If you're looking to make a change in residence & would like to experience a well-managed & successful real estate transaction, Jamie would be delighted to hear from you and honored to represent you!