Sheri  Smith

Sheri Smith

Sales Representative

iPro Realty Ltd., Brokerage

Mobile:
519-938-0004
Office:
519-940-0004
Email Me

Pay off Your Mortgage Quicker #2

. Round up your mortgage payments

The Second Way to Pay Your Mortgage off Quicker is by Rounding Up Your Mortgage Payments:

Every dollar is important when it comes to paying off your mortgage. The quicker you can pay the loan off, the more you will save in interest. A easy way to do this is to round up your mortgage payments. Lets say your accelerated bi-weekly mortgage payments is $543.00. Consider rounding your payment up tpo $600.00. An extra $57.00 bi-weekly will do wonders for your mortgage. at just $28.50/week, chances are, you won't even notice it.

Example: Your bi-weekly payment on a $230,000 mortgage with a 2.75 per cent interest rate over 30 years would be $468.53. Increase those bi-weekly payments by just $31.47 to $500.00 and you'll shave nearly six years off of the amortization schedule.

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