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In a recent YouTube video, Dave Ramsey spoke with a caller about paying off his mortgage early. For context, the caller and her husband earn a combined total of $250,000 a year and owe $633,000 on...
Here are Ramsey’s tips for how to pay off your mortgage early. Make an Extra House Payment Each Quarter ... out your payments over the course of the entire loan. The Dave Ramsey mortgage plan ...
Pay a little more every month, and cut your mortgage interest by a lot.
Based on the terms of your loan, you could be subject to a prepayment penalty for paying off your mortgage early. Typically, loans older than three years are not subject to this type of penalty.
If you make an extra monthly payment of $1,879 each December, you’ll pay off your 30-year mortgage almost five years ahead of schedule and net about $60,000 in interest savings in the process ...
If you make four extra mortgage payments each year — or an additional $4,201.24 — you’ll save more than $63,000 in interest and pay off your mortgage early by 11 years, given a $220,000, 30 ...
If you buy a $300,000 home with a 20% down payment and acquire a $240,000 mortgage with a 30-year term and 7% interest rate, you would be scheduled to make monthly payments of $1,597 for the ...
Strategy 1: Pay off your mortgage Pros. Paying off your mortgage eliminates a large monthly expense, providing more cash flow. The sooner you pay off your mortgage, the less interest you’ll pay ...