Following the Path to
Mortgage Free Living:
Paying a monthly mortgage year after year gets old fast, but
most people just go through the motions, thinking there's
nothing they can do about it. However, with a mortgage payment
calculator, you might be able to save some money. The first
part of this article explained that by merely paying extra on
your monthly mortgage payments, you could shorten the life of
your loan by years, if not decades. All it takes is a little
sacrifice, some determination, and knowing that your efforts
will pay off, big time.
There are considerations that need to be addressed when it
comes to determining how you go about paying off a mortgage in
under five years, and that may depend on how much of a down
payment you made, your current balance and interest rate, it
is possible to take 6 years off your mortgage payments by
sending in an extra $100 a month on your house payment.
By using a mortgage payment calculator, you can find ways to
save money, and save big. Now, if you cut corners and reduce
frivolous spending, most people realize that they can save
that amount, but if things are really tight, you can still
send in an extra $50 a month. Either way, you'll save
thousands, even tens of thousands of dollars on the life of
your loan by following these pointers.
Whether you come into some money or not, there are ways to
curtail and cut back on extra spending every month that will
allow you to pay an extra $50, $100, or even more on your
monthly mortgage payments, which will save you between
thousands to tens of thousand dollars on payments that mostly
go toward interest and not principal.
Our last article gave you ten tips on where you can cut back
spending. Using a mortgage payment calculator, you can insert
different amounts of money that can be applied to your monthly
mortgage payment and see how many years you can take off your
loan. This article will give you several more.
These are just the obvious basics, but if you spend a little
time, you'll be able to come up with more as well. This
doesn’t mean you have to live a boring existence for the sake
of paying off your house, it just means trimming the fat. You
can still enjoy that steak dinner or the play or Disneyland,
but just not as often as you used to. Living mortgage free is
worth some sacrifices and belt-cinching after all, and just
think of all the extra money you'll have then to entertain
yourself to your heart's
Here are some additional tips on where you can trim the fluff
out of your monthly living budget.
Cut down on Entertainment Expenses: Do you really need
that golf club membership or those season tickets to the
football or baseball games? Do you have to attend every play
or event held at your local opera house or theater? If you
expect your kids and spouse to cut back, then you have to as
Cut back on Car Expenses: Can you walk to work? Take
the bus? If you can, do it! You don't need that six CD-player
installed in your car, either. After all, you can only listen
to one CD at a time anyway. The same goes for frivolous extras
like fancy rims, tires and accessories.
The Power of Saying 'No': Sure, we all like to treat
our kids, but we don't always have to buy that bike or guitar
that's just going to start gathering dust in a few months
anyway. Kids are amazingly resilient, and if you treat them
with less expensive gifts and fun, they'll be content. Really.
Clear Your Credit Card Debt: Sure, we live in the age
of plastic, but try to curtail that as well, especially if
you're paying more on interest than 10 percent. Get rid of
your high interest credit cards and try to keep them at home
Make Money at Home: Many people have special talents,
whether it's playing musical instruments, creating crafts or
other skills. Start taking in students in your spare time and
offer language, guitar, craft and other types of skills to
others willing to learn from you.
The possibilities are endless, really. By taking advantage of
tools like a mortgage payment calculator and focusing on
saving money, living mortgage free is not a pipe dream. It's a
reality that's attainable by just about everyone, no matter
how much money you make or if you're just getting by. There's
always a way to cut back on living expenses, and that's the
key to making it all possible. So, what are you waiting for!
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