Most people do not consider Paying Off their Mortgage because it does not seem possible and they do not plan to stay in their home long enough to pay it off. But if it was possible to Pay Off your Mortgage in one third of the time would you be interested in finding out how you could without causing any financial discomfort?

When I first ran into the concept of Paying Off a Mortgage early it just did not seem possible. In fact it is not only possible to Pay Off your Mortgage but also all your debt. This is a difficult concept to grab hold of because if you Paid Off your Mortgage in say 12 years the total payments if they were just put on principal would not Pay Off the Mortgage so what is going on? In reality you do Pay extra towards the Mortgage but the exrra paid does not come out of your income directly because you are using Other People Money (OPM).

If you had an extra $5000 and you applied this amount directly to $200,000 Mortgage as principal you would in effect shorten the loan by about 2 and half years. If you had a special account where you could borrow the $5000 but not pay any interest on the money borrowed. What this special account allows you to do is to deposit your monthly paycheck into the account thus deferring much of the borrowed money’s interest.

So what is needed to Pay Off the Morgage quicker is the special account that acts like a checking account and then knowing the optimum times to pay you bills and the Mortgage to get maximum effect and the optimum time to put another lump sum towards the principal of the mortgage or debt.