Early Payoff Hack: Make 1 Extra Loan Payment Each Year

Mortgage Hack #1

By doing this hack, the amount of interest a homeowner will pay over the course and duration of the loan will be lessened. The example below shows that the mortgage will be paid off six years ahead of schedule by making 1 extra payment of $3,160 per month. This results in a savings of $156,000.

Reference: 2022 Keller Mortgage LLC