If you’re not able to hit this number, it may be worthwhile to refinance your mortgage to a 15-year mortgage.
This will position you so that you do not have to make extra monthly or yearly payments, and you’re still able to pay off your mortgage in 15 years.
Make sure that you shop around for the best mortgage rate rather than just sticking to your current bank.
Just because they were the best deal the first time around, does not mean that they’re your best option for refinancing.
When it comes to interest rates on mortgages, even a half of a percent can add up to hundreds of dollars over the life of the mortgage.
And if you’re able to put extra money toward it, you can pay it off even faster.
Sources:
money.usnews.com/money/blogs/my-money/2011/04/14/7-easy-ways-to-trim-your-mortgage-costs
wikihow.com/Pay-a-30-Year-Mortgage-in-10-Years
interest.com/mortgage/news/secrets-to-paying-off-a-mortgage-in-10-years/
homeguides.sfgate.com/pay-off-30-year-mortgage-15-years-9590.html
