Season 1 · Episode 57
The magic trick to paying off a mortgage in a shorter time frame
Finance & Fury Podcast · Finance & Fury
August 27, 201813m 56s
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Show Notes
In this episode we discuss the magic trick to paying off a mortgage in a shorter time frame, to save thousands in interest costs. The trick is that there is no magic trick - plain and simple. Like the dream of 7-minute abs, or 6-minute abs.... (but what about 5-minute abs!) it takes a bit of work to get it done.
In this episode we discuss:
- One simple strategy is to make your mortgage payments weekly, in addition to increasing your repayments.
- With this formula you can halve your mortgage from a 30-year term into 15 years.
- We'll deep dive into ways to do this, but start with the single simplest and most effective way to crush debt.
- Doing this can save literally thousands in interest payments and increase your financial freedom.
- We also discuss different interest rates. Obviously with higher interest rates, you save a lot more.
- Finally, we run through whether it's worth investing the money instead, or repaying your debt.
Here's a link to the Pay Yourself First Episode