Michael Inkman

Fairway Independent Mortgage Corp.

  • Home
  • About
    • About Michael
    • Accessibility Statement
  • Types of Loans
    • Reverse Mortgages
    • 203K Rehab Loans
    • Get Pre-Approved
    • Conventional
    • FHA Loans
    • Jumbo Mortgage Loans
    • USDA Home Loans
    • VA Loans
  • Resources
    • First Time Buyer Tips
    • First Time Seller Tips
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Home Purchase
    • Home Refinance
    • Home Inspection
    • Home Appraisal
    • Mortgage FAQ
    • Mortgage Glossary
  • Get Pre-Approved
  • Contact

Liberate Yourself From Your Mortgage With This Simple Plan

July 2, 2013 by Michael Inkman Leave a Comment

Liberate Yourself From Your Mortgage With This Simple PlanWhat if you could accelerate the mortgage payment on your home so that you own your property several years earlier than your 15 or 30 year term?

Making your final mortgage payment and owning your house is an incredibly good feeling and there is a simple way that you can bring about that rewarding day much sooner.

By making one extra mortgage payment every year, you will be able to pay off your mortgage years earlier without putting a lot of stress on your present day finances. Although it might not seem like a lot, just one extra payment per year can help you to significantly reduce the length of your mortgage.

For example, if you have a 30 year mortgage with a fixed rate, it could be possible to pay off your loan in 25 years instead of 30 when you make an extra payment per year. You will also very likely be able to save thousands of dollars over the years in interest charges.

How to Fit the Extra Payment Into Your Budget

If you think that your budget is too tight to squeeze in the extra yearly payment, it’s time to start thinking about what adjustments you can make. With a bit of clever budgeting, you can find the extra cash needed.

First of all, break the extra payment down by dividing it by 12. For example, if your monthly mortgage payment is $1600, you will need to save an extra $133 per month to be able to make a full extra payment every year. Or, you could think of it as $33 per week or $4.75 per day.

Surely you can survive on $4.75 per day less than you are spending right now, right?

There are many ways that you could find this extra money. It’s the difference between eating at a restaurant or cooking at home once or twice per week, bringing home-brewed coffee to work in a thermos rather than going to the expensive coffee shop, or cancelling a cable TV package that you never watch. Take a look at your budget so that you can determine where you can cut your expenses.

Once you make your goal of an extra payment every year, not only will you see that the savings program was easier than you thought it would be, but you might decide to accelerate even more so that it will be even sooner when you have the satisfaction of owning your home.

For more information about the optimal plan for the mortgage on your Dallas home, feel free to contact me by phone or email.

Filed Under: Home Financing Tips Tagged With: Mortgage Acceleration, Mortgage Financing, Pay Off Early

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Michael Inkman

Contact Michael


michael@michaelinkman.com
Mobile: (214) 762-4659
NMLS #152707

FIMC Logo

Connect with Me

Browse Articles By Category

Quick Links

  • About Michael
  • Accessibility Statement
  • Blog

The content on this website is written by Michael and reflects his opinion, and not the opinion of Fairway Independent Mortgage Corporation.

Texas Consumer Complaint and
Recovery Fund Notice

Third Party FIMC: bestmortgageblog.com
Equal Housing Lender
Company NMLS #2289
For licensing information, go to: www.nmlsconsumeraccess.orgPrivacy Policy | Terms of Use
Complaints may be directed to: (877) 699-0353 or Email us: customerservice@fairwaymc.com.

Office Location


4201 Marsh Lane
Carrollton, TX 75007

Copyright © 2023 · Powered by MySMARTblog

Copyright © 2023 · Genesis Sample Theme on Genesis Framework · WordPress · Log in