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As most of you probably know, there are 30-year mortgages and there are 15-year mortgages. Even though 15-year mortgages are probably the better option, most people can’t afford it.
Fortunately, there is one simply thing you can do to turn your 30-year mortgage into a 22-year mortgage: make one extra payment a year.
You can either make an extra payment all at once, or you can add 1/12 of your mortgage payment to your monthly payment.
For example, if you pay $1,000 a month for your mortgage, simply add another $80 to make that extra payment. Then, in 22 years, you will have paid off your loan!
If you have any questions, give us a call or send us an email. We would be happy to help you!
