How Long to Pay Off Mortgage? (And How to Shorten It)
Published on October 24, 2024
The initial 30-year term on your mortgage agreement isn’t a life sentence. This article explains how to calculate your remaining amortization and then explores powerful strategies, beyond just making extra payments, that can dramatically shorten your payoff timeline. We introduce the concept of daily-balance interest as the key to getting debt-free faster.
Table of Contents
Understanding Your Amortization Schedule
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Calculating Your Remaining Payoff Time
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Strategy 1: Extra Payments (The Slow Road)
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Strategy 2: The Cashflow Method (The Fast Track)
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See Your Personalized Payoff Timeline
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Educational only, not financial advice. Estimates vary by spending patterns and lender terms.