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I make around 120k a year (one income home) fill up a 401k and IRA. We are a 1 income home and owe approximately 140k left on the mortgage (300k home).
The only other “payment” we have is a small vehicle payment, other than that just normal bills/utilities.I was possibly thinking about a “side gig” to help put more money towards paying it down.
Would anyone happen to have any good recommendations on what I could do in my free time that I could do from my computer/ phone to make a decent amount?
I know it’s a long shot but it never hurts to ask!
Thanks!
Jeanette1. If your bank allows it divide your monthly PI payment in 2 and pay that amount every two weeks. that way you are paying an extra payment every year. Pays house off about 5 years earlier on a 30 year mortgage.
2. If your bank doesn’t allow this or if you have more money then make a “principal only” payment. This reduces your mortgage amount rather then advancing your payment due date.
Best to you!
ElizabethWith that low of an interest rate, you may want to invest the extra you’ve been paying on the mortgage. Paying on a low interest rate debt is a psychological win, but not necessarily financial.
Do you know AutoCAD? A few years ago we hired someone to map out our home for a renovation project.
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