Surefire Ways to Pay down Your Debt – Here are some surefire ways to help pay your home loan debt. Make an extra payment. Making more – or bigger – payments than what you want seems a bit problematic without having to let go of your debt sooner. But do you know how much you will save by doing it? AMP’s sales and marketing chief Glenn Gibson says that making a small additional payment will accelerate your path toward financial independence.
Using a $ 500,000 home loan with an interest rate of 3.99% and a 30 year term as an example. “If you pay monthly and you raise your payout by $ 250 per month, you could actually save over $ 60,000 of the total interest over the full loan term and cut more than four years of your home loan,” Gibson said. “If you want to increase it to an additional $ 500 per month, you can save over $ 100,000 and reduce your loan period by about eight years.”
Pay off your debt quicker Change your payment to fit your payment cycle If you’re currently making monthly home loan payments, try switching to biweekly, or even weekly, to fit your paycheck cycle. Practically, this means you will make extra payments as often as it is, without even realizing it, and Gibson says that you will be staggered just by how much you will save. “Using a $ 500,000 loan example again, your normal monthly payments are around $ 2380. But if you make a two-week loan payment of $ 1190, you can save about $ 50,000 for interest over the loan term and help reduce the timeframe from 30 years to about 26 years, “he said.
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