Mortgage Payoff Tips, Strategies & Guides
Quick Answer: The EarlyMortgagePayoff blog covers proven strategies, tax considerations, real success stories, and the latest tools for homeowners who want to pay off their mortgage years ahead of schedule.
Emergency Fund vs. Mortgage Payoff: What Comes First?
Build a starter emergency fund of 3 to 6 months of essential expenses before making extra mortgage payments, because…
How Does Mortgage Recasting Actually Work? (Eligibility, Costs, and the Math)
Mortgage recasting lets you pay a lump sum toward principal and get a lower monthly payment on the same loan, at the…
How to Use a Sinking Fund to Pay Off Your Mortgage Early
A mortgage payoff sinking fund is a dedicated savings account where you set aside a fixed amount every month, then send…
Pay Off a Low-Rate Mortgage Early? Here's the Math
A low rate doesn't automatically mean you should skip extra payments. On a $320,000 loan at 6.5%, an extra $200 a month…
USDA Loan Early Payoff: Is There a Prepayment Penalty?
USDA loans carry no prepayment penalty, so you can send extra principal or pay off the loan early at any time at no…
How to Get Your Spouse on Board With Early Mortgage Payoff
Getting your spouse on board with paying off the mortgage early usually comes down to one thing: replacing a vague…
Assumable Mortgages Explained: What They Mean for You
An assumable mortgage lets a home buyer take over your existing loan, including its interest rate and remaining…
Should You Use a Bonus, Raise, or Inheritance to Pay Off Your Mortgage?
A bonus, raise, or inheritance can cut years off your mortgage, but only after your emergency fund and high-interest…
Should You Pay Off Your HELOC or First Mortgage First?
Pay off the HELOC first if its rate is higher than your first mortgage rate, which it almost always is. HELOCs carry…