pay off mortgage in 10 years

pay off mortgage in 10 years
For most of us, our mortgage is our biggest expense and we are conditioned to believe that we only pay, and there is not much we can do.
But this is very wrong. With a mortgage acceleration program, you will be shown how to pay your mortgage in 8-10 years without any changes in lifestyle and use of your current income. It will tell you with the tools, skills, knowledge and understanding to be debt free.

Let's take a look at a typical mortgage:

$ 250,000 loan for $ 250,000 house

To determine the actual cost of ownership of your home

$ 1663.26 (monthly payment) x 360 payments (30 years mortgage) = $ 598,773.60 (Total Cost of home)

If you have the first payment:

$ 1663.26 = $ 204.93 (principal) + $ 1,458.33 (interest)

As you can see, 87% of your payment is interest.

Well, let the 5 years:

$ 1,663.26 x 60 months (5 years) = $ 99,795.60

$ 14,671.25 (principal) $ 85,124.35 (interest) 85% of the payments went to interest

See why the banks, as mortgage loan?

Here's another shocker:

15 years in the mortgage you still owe 74% or $ 185,627, and it is not until year 22, that your principal balance is reduced by half. And this is what we have learned is "normal". "
I do not know about you, but we need to think like the banks and the people show how they flip amortization table for their benefit and pay off their mortgage much faster and save thousands or even hundreds of thousands of dollars in interest.

Some people believe that you should not be paying your mortgage, because it is your best tax deduction. Let's take a look at the mathematics.
Let's say you have a mortgage interest of $ 15,000 per year. If you are in the 25% bracket, that the interest you save $ 3750 in taxes. If you have paid your mortgage, you need $ 15,000 in your hand and pay the IRS $ 3750 in taxes with $ 11,250 in your pocket. Which would you prefer? By building a home equity line of credit before you need it, you have access to your equity, you need it for other purposes or emergencies.

You can do something to pay thousands of dollars in additional mortgage interest.

Calaman Jim is a Financial Planner, tax consultant and trainer with over 25 years experience in the financial services industry. For more information and our free newsletter, as you can save thousands go to: http://www.payyourmortgagefast.com or e-mail to me easternadvisors@cox.net