Dani Lynn RobisonWealth Activator | Real Estate Investor & Speaker | Helping People Create Wealth With Simplicity, Trust & Impact

Amazing Trick to Pay Off Your Mortgage Faster #MortgageHack #realestatetips

25 May 2024

Watch on YouTube

Short financial-advice video explaining a mortgage ‘hack’: making extra quarterly mortgage payments can substantially reduce interest paid and shorten the loan term. Example given: on a $250,000 balance at 6% interest, paying an extra $1,000 each quarter (four times per year) is claimed to save $100,000 in interest and shorten payoff by 11 years.

Questions this video answers

$250,000

6% (annual)

$1,000 per quarter (four times per year)

$100,000

11 years earlier

If you want to pay off your house 11 years earlier, here's a hack that actually works. Let's say you own a home and you still owe $250,000 at a 6% interest rate. Instead of just paying your property taxes every quarter, what if you made an extra payment on your mortgage every quarter? If you pay an extra $1,000 per quarter, that's only four times per year. You can save $100,000 in interest and you'll pay off your home 11 years faster.