How to Pay Down Your Mortgage Faster

Want to pay down your mortgage faster? You would be amazed at how much you can save over time by paying a little extra now. Here are some bright ideas to help you lessen your debt.

1.      Reduce your amortization period

2.      Increase your monthly payments by up to 20%

3.      Pay up to 20% of your original mortgage principal annually

4.      Double your scheduled payment at any time

5.      Divide your monthly payment into weekly, bi-weekly or semi-monthly installments

For Example: Reduce Your Amortization Period

Amortization is the number of years it will take to pay off your mortgage. A shorter amortization period means you pay less interest over the life of the mortgage.

*Based on a $100,000 mortgage at 6.50%, assuming a constant interest rate throughout the amortization period.

IC Savings staff can help you choose the right strategy to save a bundle of money and pay down your mortgage faster than you expected.