A lot of people would love to know how to pay off their mortgage faster. The problem is, they don’t know where to start. I tried to show the effect of making extra payments in my post how how to pay off your mortgage in 5 to 7 years.
I know the problem with that is that it can be intimidating to hear that you need to come up with $1,000 extra per month. This would be extremely difficult for most people.
Then there’s the question of what kind of an impact it would have if you make one big extra payment – maybe applying a bonus you were given.
Rather than try to talk about hypothetical situations I thought it would be helpful to put together a calculator that helps you see how fast you can pay off your mortgage.