How to Pay Off A Mortgage Faster (The Math)

[@WhiteBoardFinance]

To start comparing quotes and simplify insurance-buying, check out Policygenius: Policygenius.com/whiteboardfinance Thanks to Policygenius for sponsoring this video!

[@victoraughtiii8839]

I'm a patreon subscriber now. How did I miss that? Vik

[@511Stallion]

Thanks for what you do Marko. My home will be paid off in December 🙌🏾🙌🏾

[@andoniades]

People tend to forget to save $$$ after they pay off the home. You still need to pay property taxes and no more single family home tax write-offs. The good thing, no more paying that mortgage interest...basically paying for the loan.

[@blankn1612]

Sooooo where are all the links for the calculators you used in this video???

[@JohnDoe-zg8jm]

What about bi-weekly payments? Will that help bringing down the principal balance?

[@LynnBX2]

We have $16K left $ pay, our last payment will be on July 16th! Can’t wait to be 100%. Debt free!

[@derekross6649]

Excellent!!!!

[@caffed]

Congratulations! What a milestone to reach. Look forward to my day.

[@LynnBX2]

@@caffed thanks, it took a lot of dedication.

[@dapperbowtique2696]

Great info! We refinanced back in June 2021 with an interest rate from 4.25% down to 2.5%, no PMI, and we went from a 30 year to a 15 year mortgage. We’ve been paying extra each month since we originally got our home 6 years ago here in Florida. We owe less than $130K.

[@lot5953]

I also did the same thing. I refinanced my mortgage to get a lower rate in 2020. My old rate was 4.375% but I refinanced down to 2.375% however the lender didn't have 15 year loan so I got the 30 year fixed rate. I will just continue paying extra monthly.

[@stevehampton5834]

Me too. Refi’d in 2019 from 30-year/4.25% to a 15/year 2%. Just paid off my car and saving for 6 months living expenses, raise my 401 to 10%, then putting a couple hundred each month on the mortgage

[@unpopularopinion149]

Bought my house in July of 2018. Now it’s almost December of 2021 (Nov 29). I’m 40 months into home ownership. I’ve paid an extra $400 monthly on my payment towards principal and am 120 months into my loan term. I’m increasing my mortgage principal payment to $600 starting in January. I should have my house paid off in four years. So roughly 7 years I’ll have paid off my house. Keep in mind my home has gone up $130k since I’ve bought it (I know that’s not going to sustain since we’re in a bubble) and I’ve contributed $500 a week to a vanguard s&p500 index fund since closing on my house. I’m middle of the road also on investing and paying down the house early.

[@panossiemos9930]

"No income, no job, if you can fog a mirror you get a mortgage." That was exactly the situation that ruined the Greek economy. In the 90's and later everyone was getting a huge loan, much more than they could afford, and then suddenly came 2008... Thank you so much for your advices, even though not all of your videos are suitable for non Americans (for example there isn't something like Roth Ira in Greece). Greetings from Thessaloniki, Greece. PAOKARA - PARTIZAN GROBARI !!!

[@ProjecthuntanFish]

My wife works a part time job at a local Duncan donuts. Her entire $450-$500 per month take home pay check goes on the principle of our mortgage.

[@franortiz8987]

The whiteboard calculator was such a great tool when looking for what I could afford. For every home we looked at, we plugged it in the spreadsheet. It actually made me feel very confident when searching for a home. What an amazing tool!!! Thanks for sharing that with us.

[@WhiteBoardFinance]

Thanks Fran that means a lot!

[@MrDeanmfitz]

Is it free? Where do you find it?

[@EachAdventure]

“In California this is an outhouse or a trailer…” 😆

[@GN-md4jj]

Fact

[@missakt7489]

If you get your offer accepted on the outhouse. 😩

[@jpablo7879]

I love to see how your evolving from your first days of actual white board to this new nicer studio. You bring lots of value and honest truth with simplicity, hope you continue to succeed 👏👏

[@WhiteBoardFinance]

Ty! I still have the whiteboard tho :)

[@wendyuyennguyen]

I appreciate the message. I started watching this video thinking it's just going to be another video suggesting us to take out a credit line to pay down the principle. Instead your message is about buying the home you can afford and not go crazy with the current housing market.

[@followtheblues2130]

U.S. Corporations Income Tax Return | A Residential Mortgage kzbin.info/www/bejne/qXnPaayZZ9Cqask

[@NenadSapungin]

I think most people that get into trouble with housing are over-leveraged. It's important to stay within your means, especially when making such a huge purchase!

[@iamkimtisaac]

I wish I could put this man in my back pocket and take him everywhere I go….. JUST SUBSCRIBED 💯

[@2ndgenshedmover]

No HOA because these people are smart and don’t want anyone dictating their lifestyle haha good one Marko

[@johanlorenzo]

LMAO so true tho, man. Some HOA can be a pain to deal with. Although there are some perks like living in a gated community; you’re probably just better off living in a good area and installing surveillance cameras around your house lol 😅

[@beastfromtheeast9318]

Hoa is circumstantial. There are some perks to having an hoa, just depends on your lifestyle. I have a co worker who lives in a non-hoa neighborhood and he hates it. Houses and yards aren’t kept up and the people park their cars and boats on their front lawn.

[@Solidsnake999]

HOA was created because people park damaged cars in front of their houses and all their cars in the streets turning the streets in parking lot or they won’t cut the grass for years

[@Jeremy_810]

@Dot Com so you just sit on your butt at home. Some people enjoy a little physical activity. Enjoy your diabetes.

[@deviouslaw]

@Dot Com Your HOA may be to your liking *now*

[@lopezalvaro2716]

I paid off my house in 2019. Refinanced for 30 years last year. I can pay it off at any time with other funds but I essentially have a negative interest rate on my mortgage right now. “If you think you own your house, stop paying you taxes for a year. You’ll find out who really owns your house” ps 52 year old here.

[@CarlosAntonio-br3xq]

You have a Deed? It doesn’t say you own your house.

[@joseemiliano8522]

City taxes are the greatest scam ever

[@charlottebauer5423]

@@CarlosAntonio-br3xq he may have a deed but if you don't pay property taxes the governing body you owe will evict you and sell your house to collect.

[@evanhoeck3067]

@Andrew keith just because your interest rate is less than the true inflation rate doesn’t mean you have a negative interest rate on your loan. The bank is not paying you to borrow money from them. It may be have been a smart move to do a cash out, but only if your returns on that money are used elsewhere AND returns are greater than the interest rate, inflation rate, and any other costs associated with having that loan.

[@morganwheeler406]

Negative rate? Use surplus to buy stocks, bitcoin, silver or gold

[@Buggu3]

How the bank get away with charging ppl so much in interest rate?? This is crazy

[@NickStratulat]

Love your content, you inspired me to start the same journey, 🙌🙏

[@jaircazarez2939]

In Los Angeles you can get a room under a freeway bridge for $500k.

[@davidSFL79]

If any of y’all have a mortgage through chase, you can make use of tools similar to this. Excellent video marko!!!

[@JohnBowl14690]

I didn't know that Tim Tebow does financial stuff.

[@ProjecthuntanFish]

He doesnt play quarter back either, LOL

[@meshachjones6909]

😂😂😂

[@CovidPapii]

Lol

[@andruboine]

That's not tim Tebow it's mark from WHITEBOY Finance.

[@educationjack5730]

😂😂😂😂

[@JakeSpradlin2]

I love it! I’m in the process of buying my first home, Bank approved me for 280k house and I’m looking in the 150k range! Don’t want to be house poor

[@leeklinglesmith3427]

They will always approve you for way more house than what you can comfortably afford. Way to go!

[@victoraughtiii8839]

i wish you great success. I live in Silicon Valley where the average price for a new home is $1,000,000. It's insane!

[@jayinfluencer]

Great content Marko! People like you, Graham Stephan, Andrej Jikh, Charlie Chang and so many more inspired me to take financial matters serious and start a KZbin channel as well! Keep up the great content!

[@MRkriegs]

Did those guys convince u to lose ur money in FTX?

[@JoseFernandez-sl2ek]

Which method pays off the mortgage quickest: 1) One extra payment per year (payment being made at the beginning of the mortgage's yearly anniversary). 2) Making 26 payments per year (cutting the monthly mortgage in half and paying half the mortgage on a biweekly)? 3) Contributing 1/12th of the mortgage going toward principal on a monthly basis. Each of these scenarios basically makes one extra monthly payment per year, but the yearly (and cumulative) interest on each is quite different. If you combined choice 1 & 2, then how much time and $$$ would be shaved off a 30-yr loan of $308,800 @ a 6.25% APR?

[@concesi8877]

Plus payment may change each year due to tax increase. Noone told me that when I was a first time buyer.

[@chely452]

Thank you so much for putting in the time, creativity and knowledge into this channel! I have learned SO much because of you. I'm able to bring these suggestions to my husband. With him being in construction and working 12hr days in the summer, it doesn't allow him much free time. I also share this knowledge with my parents! Thank you thank you! 🙌🏼🙌🏼🙌🏼

[@bharatingermany8611]

If you'd like to make huge money Investing in cryptocurrency with little capital I will refer you to Faith Sophia heeg. For more guidance.!;

[@bharatingermany8611]

*Tele ;-+ gram* @faithsophiaheeg*

[@followtheblues2130]

U.S. Corporations Income Tax Return | A Residential Mortgage kzbin.info/www/bejne/qXnPaayZZ9Cqask

[@chineseslaves1971]

I like that Bankrate calculator and used it to cut off 12 years. As to the argument today of its cheap money why pay it off, my answer is that the interest is still way higher than a savings or CD or money market account. Plus, it’s always good to get a beast off your back.

[@rhmagalhaes]

I remember when you said a long time ago, when you first showed this spreadsheet: "YOU NEVER OWN YOUR HOUSE. If you don't pay your property taxes, you lose it ! " 🤣 But yeah, in your example, $150 outright almost pays the 5 years that you didn't pay. This video exemplifies every step we took before buying our current property. Only we took a FHA. 3.5% down. 2.25% rate !!! Almost perfect timing.

[@followtheblues2130]

U.S. Corporations Income Tax Return | A Residential Mortgage kzbin.info/www/bejne/qXnPaayZZ9Cqask

[@christiannguyen6809]

Thank you Marco. Your videos are very informative and practical. You're doing a great public service for your viewers.

[@jtluns9]

As someone who lives in California I can tell you my outhouse only cost $375,000 thank you very much

[@jml9550]

Haha. Yep. I know how it feels, I am the middle of the Bay Area. About to pay mine off in 2.5 years.

[@THEREALCLOSER]

Great info Marko!

[@brobi44]

You should discuss bi-weekly vs monthly payments.

[@MrPanthers23]

Agree. Interested in weekly payments, since that's what I do.

[@NiTRiNo69]

Mortgage payments generally are calculated monthly therefore weekly or bi-weekly payments are not mathematicaly beneficial but emotionally for sure they are. Instead of weekly or bi-weekly payments you can pay on big chunk once and that's all.

[@CK-qc8cn]

Bi-weekly payments save you money by making 13 equivalent payments per year vs. 12

[@ariv8585]

Read the fine print, many banks do not apply partial payment until the full amount has been received. If you are paying extra, you should make a principal only payment mid month for faster payoff.

[@Tykoon]

Your sense of humor keeps me coming for more 🙂

[@olutoyin7602]

Excellent Marko. You deserve your own segment on CNBC or Bloomberg. Always spot on. Keep it up Bro.

[@WhiteBoardFinance]

Ty!!

[@MVK_GS]

In our current plan, we are 5 years from paying our mortgage off. But, we are talking about a four-bedrorom with a movie theather room, two-car garage, awesome backyard, in a really desirable neighborhood. So, it requires that we pay several thousand dollars extra per month to achieve this, and we are well on track with this plan. So, I am looking forward to the next five years.

[@TheThenewdiabolic]

Just adding my experience. My loan holder had some calculators of their own and by adding $250 a month more knocks off a handful of years. Also, splitting the payment into two payments per month somehow adds an extra payment per year and that knocks off a few more years. We are now projected to pay the house off in about half the time.

[@jeffreythomas4254]

I'm 31 and have a 15 year 1.75% fixed. I want to pay it off faster. But that low of a rate. I'm better to put extra in my 401k and/or enjoy more vacations with it practically being free loaned money. Would you agree Marco?

[@rudybarton1171]

I really enjoy and appreciate your channel. Thank you for giving back. :)

[@Yolomamba24]

Very helpful. 2 years into my first mortgage. Will be looking into this to see how much I can afford to shave off

[@Roon3y1]

Great video. I’m not sure if I’m the only one but I would suggest getting a mic cover to help with those sharp S noises. Just a little sound quality thing. Great job.

[@Fortyfreak85]

Just paid my house off in 7 years, love the videos!

[@djukan2010]

Marko went from Fendi dress shirts to white tees and paid off his mortgage in 1 month!! 😂

[@WhiteBoardFinance]

Lmaooo

[@glencarterschlag5173]

Hi Marko. I’m just beginning to learn about all of this stock trading. Your strategies just make sense to me. I am currently researching for a professional as you have suggested, but I am also studying all of your videos.

[@zipprichcarolyn7995]

Picking the best stocks requires a lot of factors and daunting for beginners so you’re on the right path. I have been able to net over $200k in profit

[@alessandromtench8879]

Trading with Karen Lynn Olsen turned out to be exactly what I was looking for, highly recommended especially for beginners. Her risk management system is among the best I've come across. Also, her experience and guidance throughout not only keeps me away from lame stocks

[@tradegrace3616]

how is her perfomance though? i mean what's the growth rate of your account on average. i just checked her out and her qualifications seem solid. I am interested in this.

[@quittgabor5412]

How to Pay Off A Mortgage Faster does she take clients from U,S ? does she trade stock?

[@koonjuliani8760]

@@quittgabor5412 Are you Looking for an investment that will get you as much as £330,000 to £454,000 every month.

[@negro0523]

marko love the videos! 36 years old trying to build my wealth step by step!

[@dinkstover8606]

Great video. Every potential homeowner needs to be informed about this. Knowledge is power!

[@dzikus.minimus.maximus]

I just refi'd today with closing docs in hand. 15 year 2.6%, 40 dollars a month more than the 30 year I was 6 years into paying on. Timely video sir! My wife and I were talking about extra payments not even an hour ago.

[@jml9550]

I refi in Oct 2020 15 years fixed at 2.6%. Will pay it off by June 2024. I more than tripled my monthly payment. It should save me 75% of the total internet.

[@jml9550]

Total interest I meant

[@imdoc7872]

I paid off my home March of this year. I’m completely debt free.

[@MrHector6711]

Hi Marko, Just bought a home. How do I make those additional payments? Do I just send them more money and they will put it towards the principal?

[@jordanbergman1387]

If you can comfortably afford a 15 year mortgage and still invest the appropriate amount to reach your goals, go that route. It's easy during this boom period to say paying off a mortgage early isn't a good choice of your capital, but during those periods the market goes down you won't be regretting that decision. Again, you should still be allocating the appropriate amount of assets into your retirement accounts.

[@gabiknicks9871]

If you know you won’t be in a home for more then 15 years and it’s a low interest rate would you pay it off early?

[@jml9550]

Yes, because you can essentially putting more into your equity.

[@jonnoklr7293]

Saved to watch later. Already given you a thumbs up Marko. 👍

[@victoraughtiii8839]

You provide valuable information professionally delivered. Further, I understand that you must monetize your site in order to offset your costs. Marko, I'm a loyal viewer who counts on you to fully vet the products you promote. Please assure me that you completely vet and use the products that you promote. Also, please be cautious, prudent about where you insert your "promos," so that they are not intrusive and/or break the flow of your presentation. The information that you present at times requires concentration for an old guy like me. Perhaps you can add a paypal link to help offset costs? Since I like your info and especially the way you present it, I would donate from time to time. I just don't want you to become like the "carnival barkers" I see on other channels promoting their wares or resorting to click bait. By the way, you have a pleasing and great sense of humor. Your biggest fanboy. OOPS! I FOUND your patreon link. I'm now an annual subscriber. Vik

[@WhiteBoardFinance]

There are time stamps in most of my videos, including the advertisements. Thank you for your support!

[@genxx2724]

Vik, consider paying $11 per month for KZbin Premium. No ads. I think it’s well worth it, especially because I don’t have cable.

[@SAV3DnFORGIVN]

Thx for this..we are actually looking to pay principle n int. Along with mortgage

[@robsantoya]

You need to start a podcast my man!

[@WhiteBoardFinance]

I have one the whiteboard finance show

[@Breathless00700]

Do you recommend buying something for less and doing a 15 year mortgage? Would this save even more?

[@blanti]

Wondering if you would be doing a follow-up video to this. My school of thought is, instead of putting $150/month more down onto your mortgage, instead invest that into a good long-term managed mutual fund that can get you 8 - 9% return. So instead of saving $27,000 on the mortgage, you would instead to have $274,000 in investments in 30 year.

[@WhiteBoardFinance]

This is common knowledge and discussed at the end of the video

[@InderjitSingh12]

I increased my student loan payment by $50 a month, saving me few years of interest.

[@paulinajordan9047]

Starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works

[@jamesmorgan7066]

I totally agree with you, the stock market is the most profitable venture I ever invested in, I reached my goal of $500k yearly trade earnings. Setting realistic goals is an essential part of trading

[@andrewpeter6783]

Your right . Ever since I started investing in stock I've had a very good life

[@beckansmith5224]

Having a stable investment package keeps you financially stable!

[@seanmiller3381]

@@andrewpeter6783 the stock market is a vast platform to invest in. It's very profitable especially when you've got a trusted professional to assist you

[@armalynnica5041]

I'm interested in this stock market but I don't know how to come about it . Any advice ??

[@muhammadzuberi4656]

Worth pointing out that in the U.K if you have a fixed interest rate (e.g 3 yr fixed rate) there is normally an annual limit of how much you can overpay. This tends to be 10% of the overall mortgage balance every calendar year. Once this limit is hit you will incur a charge.

[@sprauder]

Europe sucks. That’s awful

[@MRkriegs]

That sounds fucked

[@df9278]

“Don’t buy more house than you can afford PEACE ✌🏼“ - Big Marko

[@chrisstipp3061]

Just dipping in to say I just put $2k into a new M1 account and went all-in on shadowing/copying/stealing/benefitting from Marko's knowledge. They say don't play with money you aren't ready to lose but his smarts and earnestness have made me roll the dice on trying to make something positive happen with what little I have to invest with.

[@followtheblues2130]

U.S. Corporations Income Tax Return | A Residential Mortgage kzbin.info/www/bejne/qXnPaayZZ9Cqask

[@TheYoustupididiot]

With how cheap interest rates are right now, it's probably a bad idea to put money into the mortgage.

[@ImGeoX]

Marko, where is PMI on your spreadsheet? Not everyone will pay the 20% down and therefore will need to opt into paying for PMI.

[@revolutionarypatriot8361]

As someone who is expecting an income to come in via military VA benefits would be be finically feasible to pull a 10 year mortgage but use all of my VA money towards the mortgage and any extra income I have to go straight to the principle. It will take me about 4 years to see my income level be higher then what it is currently serving but then it will only increase from there. If you count my VA money then I’m looking at about the same income level of around 60 to 70 k a year if you include rent and food allotments

[@ProjecthuntanFish]

Great video

[@krehbein]

12:30 yes this is the thing Dave Ramsey doesn’t mention. What if by the time you retire your house rich and you have to somehow tap into that equity? Ideally you’ll have a nice retirement account, but it won’t be as large if you used that money to pay off your house vs invest. My mother in law is in this siuation (house rich retirement account poor).

[@jml9550]

I am about to pay mine off in 2.5 years and the amount the money I can save/invest without mortgage will be substantial. Plus the other 2 paid off properties’ rental income are pure gravy. I am in the SF Bay Area.

[@krehbein]

@@jml9550 glad to hear it jack 👍

[@ardeq]

I don’t need to pay any mortgage but listening to you it’s too relaxing 😅

[@stevenk5310]

Why dont I just take that extra monthly payment an invest in the market until I have enough to payoff the remaining loan. Even with annualized return of 6% I could safe up enough to pay it off sooner than just putting it towards the principal.

[@toval6255]

Then this become a question of renting vs owning a house. I think Marco also did a video regarding this and saw that there are some cases where buying a house through loan is better than renting.

[@WhiteBoardFinance]

This was discussed at the end of the video

[@Ergo_Deleted]

Because it’s not guaranteed, depends on your risk level.

[@stevenk5310]

@Ruben N nice reply, thanks for your input

[@mandytoh6471]

Perhaps in the states, there are fixed interest rate for 30 years home loan. Where I am residing, the banks do not offer fixed home loan, the interest rate is fixed for 2 to 3 years and thereafter, the prevailing market interest rates. In this case, how can I repay the mortgage faster? Your videos are great by the way.

[@almightybucktooth]

So it would not make sense to make advance payments on a mortgage if you plan to sell within a 2-3 years, right? Like if I buy a condo to build more equity to buy my house, and plan to sell the condo within 2-3 years, making advance payments would not really benefit me; I'd be better off investing the money in low risk assets (bonds, low risk equity, HISA)

[@hollygoodson6025]

Thank you so much! So helpful

[@blwonlinetradingsupportcen655]

I can assist you with strategies and signals to make good profit

[@roddykalasa8675]

Thank you!

[@bharatingermany8611]

If you'd like to make huge money Investing in cryptocurrency with little capital I will refer you to Faith Sophia heeg. For more guidance.:

[@mstegs5477]

I'm getting a 330K loan at 2.25%. I am running the numbers and it seems pretty clear that between paying off the mortgage early vs investing that money, the later wins. If I pay $500 extra per month towards principle then by year 10 I will have around 7k extra equity. If I take that same $500 and invest in a index fund that returns 7% per year I would be at $28.5k return on investment. At 15 years it's $17k vs $71k.

[@bharatingermany8611]

If you'd like to make huge money Investing in cryptocurrency with little capital I will refer you to Faith Sophia heeg. For more guidance.:

[@followtheblues2130]

U.S. Corporations Income Tax Return | A Residential Mortgage kzbin.info/www/bejne/qXnPaayZZ9Cqask

[@darwinc5465]

Hi Mario great content just so people know some lenders might charge a fee if you want to prepay the mortgage earlier so it’s always good to ask the lender if there’s any fees. And here in California houses are really expensive might have to move to Texas or something lol. Anyway great content Marko keep up good work.

[@kingwoodbudo]

You're awesome man! Always great videos, thanks for creating great and useful content!

[@bharatingermany8611]

If you'd like to make huge money Investing in cryptocurrency with little capital I will refer you to Faith Sophia heeg. For more guidance.!;

[@bharatingermany8611]

*Tele -+ gram* @faithsophiaheeg*

[@dougz2855]

Thanks again for helping us save money! Keep up the great work 👍

[@Zaerki]

Marko has hidden the whiteboard so well, it's like he's a ninja. Not a ninja loan in sight though.

[@mikemcc1156]

Getting appraising done today, refinance down from 30 years (24) to 15year and only taking out 20k to pay off truck and set up some extra savings for emergency and some maintenance. Paying the truck off will free up 500$ to put back on the house. Plan to be house rich in 10years. And buying rental property adap

[@followtheblues2130]

U.S. Corporations Income Tax Return | A Residential Mortgage kzbin.info/www/bejne/qXnPaayZZ9Cqask

[@kurticeberg4566]

Looking like a young Simon Cowell in that white shirt 😂😂👌 Great vids. After hours of watching and research, I bought Bitcoin and forgot everything else you said.

[@2023Red]

Marko. I have a request for a future presentation. We are older and with MBAs with the finances to buy IUL. Life expectancy is perhaps 25 to 30 years. We want invest focused to provide legacy to our grandchildren now babies. The two salesmen we asked suggested lots of insurance but we deem their motives to generate large commissions for them. Not cash values for legacy. Our preferred index is SP500. We are not interested in whole life. Could you investigate for a future lesson. We would have no problem with 100k initial payment and 1k monthlies. Thank you!

[@maym479]

Mike what is your opinion house market right now?Should we buy house now or wait?first time home buyer

[@bharatingermany8611]

If you'd like to make huge money Investing in cryptocurrency with little capital I will refer you to Faith Sophia heeg. For more guidance.

[@bharatingermany8611]

*Tele ** gram* @faithsophiaheeg*

[@Ariesgirl_13]

Thanks for this informative video!

[@qrizpol1767]

Hey Marko - I am currently paying extra on my mortgage (2.25% interes) that I know I might be able to payoff in at least 5 years. I am just wondering If I should invest the extra to SP500 instead then once i have enough to cover the remaining mortgage then pay it off? Will that be a faster option to pay it off?

[@MRkriegs]

Nobody can predict the price of the s&p in the future but u can predict all of ur payments and how long u will have to pay off and how much u pay in interest

[@stuartlittle22]

As always.. great content

[@bharatingermany8611]

If you'd like to make huge money Investing in cryptocurrency with little capital I will refer you to Faith Sophia heeg. For more guidance.

[@nopar947]

What about if we pay $50 monthly?? Thanks

[@Breeze2637]

Hey Marko. Thanks for your amazing videos. Can you plz make a video about VA loan and details of it for buying home. Keep up a good work 👍🏻

[@DrRobertMPick]

Spot-on! Great as always my friend! Please listen to him peeps. Within your means the faster you pay off that mortgage, the faster you are done. And that leads to Freedom! If it is a rental property (baring taxes and upkeep), it is Pure Passive Income! And when it comes in every month it is really super-cool!

[@daffertube]

Hey Marko, I sent a message to your clarity FM 😄

[@anjankarki430]

Nothing but good advice.. Marko lays it down.

[@MrOMYSTARZ]

When Marko speaks my ears listen! Johnnie P 2021

[@thesecureserver]

I switched to bi-weekly payments and that is having plenty of an impact that I'm happy with. I'd rather not have all my money locked in my house. Plus my rate is pretty low. I'll make more investing than paying off my house early.

[@crockbo]

What are your thoughts on bi-weekly payments ? Would that also that payments off the backend of the loan?

[@BN99239]

Marko, do you think it's also important to take into account inflation and the upside of investing the extra money instead of making extra payments towards the principal amount? If I pay an extra $500 per month towards my principal balance, sure this will greatly help me pay off my house faster and save me a lot in interest. However, the value of $500 right now is going to be different than the value of $500 in 20 years. What I'm getting at is would that $500 per month be better going into an aggressive investment account rather than going into the house? What would the % interest in terms of the mortgage have to be to cancel out the benefits of say a 25% annual return in the stock market?

[@WhiteBoardFinance]

This was addressed at the end of the video

[@BN99239]

@@WhiteBoardFinance oh my bad. I didn't finish it

[@williamdavies1192]

Can't you see the game being played here. Inflation pushes retail investors out on the risk curve into risk assets and then the institutional investors sell out. Fed raises rates crashes the market. Retail investors sell at a big loss and the institutional investors come in with their hoarde of cash and buy pennies on the dollar and wait for the next cycle. It's the big game and the Fed and Wall Street are partners in it.

[@BN99239]

@@williamdavies1192 Yeah I see that but I don't see what this has to do with my question.

[@dongose]

Looking at it strictly from a financial standpoint..... If you can make a rate of return on investments that is higher than the interest rate of your mortgage, put your money into investments. I'm sure that you've heard the phrase "a penny saved is a penny earned". View your investments returns as "a penny earned" and view extra payments on your mortgage as "a penny saved" (simply compare the percentages of both approaches and choose the one with the highest percentage). However, viewing these options strictly from a financial standpoint is not always the wisest option. For example, history tells us that the stock market returns outperform any savings that you may get from paying down your mortgage faster. History also tells you that there are periods of time when the stock market crashes and it takes you ten years just to recoup your stock market losses over a six-year period (in other words, you went sixteen years just to break even). In the long run, this is not a problem, but tell that to the guy that retired at 64 years old with the expectation that the market would help support him during his retirement (he would be 80 years old before he saw any type of return from the stock market). What I am trying to say is paying down your mortgage faster is a guaranteed return while investing involves risk. YOU SHOULD CONSIDER YOUR STAGE IN LIFE WHEN YOU MAKE THESE TYPES OF DECISIONS. Someone in there 20's, 30's, 40's & even 50's could recover from these periodic market crashes, but it could be devastating to someone in retirement or nearing retirement. On a personal note, I'm self-employed and nearing retirement. With every year that passes, I've noticed that my risk tolerance lessens. I have three mortgages (my residence & two rental properties); two in the 3%+ range and one in the 4%+ range. I constantly have a battle in my head as to whether or not to pay them off. There is a sense of security knowing that I would be debt free in retirement, but the other half of my brain says "why would you pay off 3% & 4% debt when those funds could be invested in CDs making 5%+ guaranteed (and also insured by the FDIC). Even though I intellectually know that I should not pay off the mortgages, the emotional sense of security constantly tugs at me. To date, I have not paid them off, but the closer I get to retirement (17 months), the closer I get to doing so.

[@angelcolin51]

Marko can you make a video about the pros and cons of getting a bank loan or a mortgage company? Thanks in advance

[@TheGreenking04]

Love your content!!

[@samanthaaaz22]

With the chip shortage that's currently happening, is leasing a car or buying a used car the better option right now? Could you do a video on this with what current prices would be for both? My dad is telling me that it's better for me to lease a car right now since the prices of cars have soared. I need to get a car within 2 months

[@ddhrsa]

Thanks!

[@ddhrsa]

jury is still out on if this one was clickbait

[@ryanhorlyck]

Good stuff marko !

[@thomaskramer7127]

Just knocked 5 years off my mortgage, thanks for the tip!

[@jml9550]

I refi in Oct 2020 15 years fixed at 2.5%. Will pay it off in 3 years 9 months by more than tripling my monthly payment. Saved around 75% of interest.

[@josej-h1471]

I have being paying around $200 extra on my mortgage, but I don’t see my target year go down ? I call and told me that since I’m doing additional principal payments and not scheduled automatically they don’t calculate it. I’m I doing something wrong? I’m 100% sure they extra $200 going to the principal.

[@2eyeluvmac2]

Excellent video. Thank you.

[@gbass7328]

Question - if you are going to sell before the mortgage is finished, is there an advantage to paying it off faster other than owing less at the end?

[@doggysoul2679]

Looked for that spreadsheet and it’s all money nothing is free 😒 yeah thanks for promoting it

[@WhiteBoardFinance]

It’s free if you sign up for the newsletter. It’s also $4 to potentially save you a life changing mistake.