A short YouTube explainer (May 14, 2024) that shows a simple hack to pay off a mortgage earlier: by making an extra $1,000 mortgage payment each quarter on a $250,000 balance at 6% you can reportedly save about $100,000 in interest and pay off the loan roughly 11 years sooner. The video demonstrates this claim using that single numeric example.
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.
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