whats the best way to pay off my mortgage the fastest?

Answer 1

It is hard to say without specifics regarding your finances and the nature of your mortgage. In general, the faster it is paid the less you will pay in total. That holds unless there is a penalty for paying early. Then you have to consider the penalty versus the savings. Anything at all that you can pay above what you owe per month will get you ahead. ANYTHING. Don't discount the pennies. They do count. Dollars are much better, but the pennies also count.
If you have several debts, you need to make decisions. You need to decide what is more important to you...prioritize. Then budget. Put down on paper where your money goes. Make a plan and follow it. Don't say, "Well, it's only a little so I'll buy it." Stick to the plan. The only allowable deviations should be in your favor. If you genuinely saves you money, then you can deviate.
Another idea put forth is a snowball effect. Pay off your smaller debts first. As each is paid off, put the money that would have gone to that debt toward the next smaller or rather the new smallest debt. As you do so, your payments for each debt will get higher and you'll see each debt paid sooner. You won't notice any change in available money because the same amount is still going to pay your debts. The difference is where the money goes. Soon, all your monthly payments will be on one debt. When that happens it will be paid very quickly. After you stop paying those debts, pay yourself. Put the money that you were using to pay your debts in YOUR account. You can save and have a little left over to play with. You win with decisions and discipline.
Again, I don't know the details so this is as general as I can make it.

Answer 2

why would you want to? even if your mortgage interest rate is 8%, after tax deductions that would be ~5.5%. rather than putting extra money towards your mortgage don't you think that you can find a better place for that cash that will earn you more than 5.5% over time? you can buy a A rated preferred stock that pays 6.5% and is taxes like as a dividend, so you would just keep that difference. also, over time your home should appreciate in value (i know, probably not right now, but if you aren't moving for several years you should be fine) so it doesn't make sense to pay more towards extinguishing debt on an appreciating asset when you can use that extra money to develop a portfolio that sure should exceed the (real) 5.5% interest rate over time. paying off your mortgage is generally a good "feel good" thing to do, but financially it is usually a bad idea.

Answer 3

The best way is to pay extra on the mortgage every month, but if you can't afford to do that, ask if your mortgage company will accept bi-monthly payments. Simply by paying 1/2 of your payment on the 1st and the 2nd half on the 15th, you could save several thousand dollars over the course of the loan.

Answer 4

The best way to pay off your mortgage the fastest is to add additional principal payments each month. If you have a 30 year mortgage and make one extra principal payment a year you can pay that mortgage off in 24 years. It is tough to discipline yourself to do that, but that is the best way to pay it off fast.

Answer 5

Make extra payments marked principle only in the very first year. Depending how much you can afford, either 12 payments extra, 4 payments in a quarterly schedule, or even 1, the earlier the better.

Answer 6

No the least confusing way is to characteristic an further one hundred each and each month. determine you mark it as concept. The early you initiate the swifter you decrease the thought the shorter the term We did it and and decrease 15 yrs off the loan.