I’m currently trying to compose a plan to pay our mortgage off quicker

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  • #81968 Reply
    USER

      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!

      #81969 Reply
      Jeanette

        1. 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!

        #81970 Reply
        Elizabeth

          With 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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