How to Pay Off Your Mortgage FAST | 3 Tips to Pay Off Your Mortgage Early

[@rafjones]

My husband and I paid off our mortgage in less than 14 years. It's a wonderful feeling to be mortgage free.

[@ShaheedahHill]

Congratulations

[@myrianb8596]

What did y’all do?

[@rafjones]

@@myrianb8596 We bought a house out in the suburbs that was affordable enough that we knew if we needed to we could use only one of our incomes to make the mortgage payment. So that left us with enough money left over from the other person's income to apply extra payments towards the principal every month. So, basically, we turned a 30-year mortgage into a 15-year (or 14 rather because we really had a goal of paying it off quick!)

[@CycoPatPonfe]

Congratulations! There’s No value on the “PEACE OF MIND” ❤🙏👍

[@royh2618]

I paid my $440K house off in 5 years. Do not let anyone talk you out of paying off your mortgage early!

[@ShaheedahHill]

@royh2618 Thank you for watching

[@Y0urTiaRica]

What methods did you use to pay it off?

[@lmlmlmlm7627]

What was your income?

[@royh2618]

@@Y0urTiaRica Put every extra penny towards the principal.

[@markied2873]

You gotta be a fool to not want to pay off early. Congrats

[@followmeinthekitchen3877]

We bought 6 months ago and now cranking up the hours at work to pay off the mortgage in 5.5 years. We can do it. We have 3 young’s kids and want to be free by 2030

[@ShaheedahHill]

That is awesome!!!

[@TheJusticeLiga]

My wife and i are closing at the end of this month. If we add 100 as principal only then we'll pay if off 4 years earlier. Every bit counts.

[@ShaheedahHill]

Yes, it does. Congratualtions on your closing.

[@SeriousSchitt]

What’s ‘closing’ mean? Does it mean to finish paying off or does it mean just buying? Thanks.

[@domahneak5099]

@@SeriousSchitt It’s the process of signing all the documents to say that you’ll own the home after you finish paying it off. And putting down your final deposits on the home .

[@kammyr4082]

​@@SeriousSchitt"closing" the deal basically

[@michaelhabada3493]

Our mortgage is 852 a month. We have from day one paid 1500 to 2k a month. 6 years left.

[@ShaheedahHill]

@michaelhabada3493 Thanks for watching and sharing

[@lisadearing5960]

Our plan was to have our house paid off the same month my husband retired. He ended up retiring 2 years early, so that changed our plan. We are now on track to have it paid off at the end of 2026. Of course we will still have taxes and insurance so we will be saving about $600 a month. Then our next goal is to get our car loan paid off early. I can’t wait!!!

[@six6goddess214]

I paid off my current home in 9 years but the price was 90k.

[@ShaheedahHill]

That is awesome!!! I am sure it is worth way more now!!! Thanks for sharing.

[@autobotdiva9268]

the good REGULAR days of housing. no way i would move from that

[@Hebrew-Nation1]

Mines was 85k. What was ur monthly payments like? And interest rate? How much were you throwing on ur principal

[@FreethemGuyz]

​@@Hebrew-Nation1I'm throw the kitchen sink at mines

[@FreethemGuyz]

​@@autobotdiva9268she better not

[@ltgemini1599]

You look great, Ms Ma'am! That color is beautiful on you.

[@ShaheedahHill]

Thank you so much

[@richhands5269]

My three favorite channels: Shaheedah Hill, Stock Brotha, & Graham Stephan. Make my week complete! 🔥 🔥 🔥

[@ShaheedahHill]

Thanks for watching!

[@magnelpitt398]

Thanks for the tips! My plan is to pay off my mortgage in 7 years instead of 30 years.❤

[@ShaheedahHill]

Wonderful!

[@magnelpitt398]

@traybern Sounds great! I will look into it. Thanks!

[@anthonyrotella8791]

@traybern you cannot exceed a 50% debt to income ratio with most conventional mortgages

[@ericjuli6576]

Just closed on our home in June. Made an excel sheet using PMT function to lay out an amortization schedule and set it up to show the affects of extra principle payments. Gamified paying it down; as it’s exciting to see both how many months we’ve shaved off and how much interest savings over the life of the loan

[@MotherOfCivilization317]

PMT function? Got it, thanks!

[@ericjuli6576]

@@MotherOfCivilization317 yep, combined with round to get even dollars. =ROUND(-PMT(…),). And don’t forget to divide your mortgage rate by 12 or you’ll have a very expensive payment :)

[@ericjuli6576]

Also note, this figures up your principal and interest payment only and does not include escrow items like taxes and insurance

[@ShaheedahHill]

Ok Excel Pro...thanks for sharing!

[@leri3365]

Can you share it for us?

[@Mr.N0b0dy.202]

You make such great content. I watched you a ton before deciding to buy a home. watched you while we were saving for a home. watched you while we were looking at builders and still watching you now. Your content spans all phases and that to me makes your content hold so much value.

[@obaaAkos02]

Absolutely. Mrs. Hill is the real deal. I have been a homeowner for years and not in the market to purchase a home. However, I watch her religiously. She has so much knowledge and wisdom when it comes to homeownership. She's definitely doing the Lord's work in our community ❤.

[@ShaheedahHill]

Thank you so much. I appreciate really appreciate it!

[@ShaheedahHill]

Thank you as always and I appreciate the continued support.

[@sophiavega1777]

Thank Mrs.Hill for educating many your are appreciated ...also the way you explain things are very clear. Not surprise you were were a teacher before 💓

[@ShaheedahHill]

Thanks so much. I really appreciate the feedback. Yes, I didn't know it then, but getting teenagers to understand business helped me a lot.😊

[@terranceali9787]

First person to give real realistic numbers Thank you so much

[@ShaheedahHill]

Welcome 😊

[@bjos6596]

Thanks for breaking this down, I’m determined to pay off this mortgage earlier

[@ShaheedahHill]

Thanks for watching!

[@jamaicanblackqueen]

Haven't bought yet, but this is great to know for the future. BTW that beautiful shirt looks good on you. ❤

[@ShaheedahHill]

Thank you 😍

[@rayjoseph2086]

Thank God I just bought another home..and thank God I am able to pay 1,000.00 a month on principle every month.. I so thank God..❤

[@ShaheedahHill]

Thanks for watching!

[@michelleharris6260]

Thank you so much for this. I’m closing on 3/22 with Naca and I’m planning ahead so that I can pay my mortgage off sooner. ❤

[@ShaheedahHill]

Congratulations!!!

[@autobotdiva9268]

i divided my mortgage payment in half and pay that extra to the principle every paydate. its exhausting but ill be done in 24 months.

[@ShaheedahHill]

Thanks for watching!

[@Kish-wm8tu]

I’m gonna say paying off the mortgage early is always a win. Imagine owning your house @45? This would allow potential partial retirement. Especially if you’re single.

[@ShaheedahHill]

Thanks for watching

[@hnytamo]

This will be me hopefully 🙏

[@hnytamo]

I’m 39 and owe 100,000

[@ela111961]

It depends. I put additional payments on my principal every bi-weekly paycheck on a 2.88% fixed mortgage. But I put a lot more on my 401k that gives me 13 5%. Plus employer gives us free money if we put minimum 6% of our salary to our 401k. Put your money where it has max benefit. If you have high interest credit card balance than your mortgage interest, put your money there first.

[@everythingelle6450]

Omg I love this! I just bought a home and have been trying to figure out how to pay it off early!! Thank you 🙏🏽

[@ShaheedahHill]

Glad it was helpful!

[@autobotdiva9268]

every extra dollar towards principle. it sucks but its worth it once you see that balance drop in 60 days

[@jasmajefferson3903]

New subscriber 🥰 I just closed on my first home last month & I plan on paying it off early.. thank you for this info! ❤

[@ShaheedahHill]

Welcome to the channel!

[@sarahcleghorn9990]

I closed on my first tiny home, in the summer of 2023. I listened to your talk show. I got some good information. I'm Ready to learn more

[@ShaheedahHill]

Awesome, Congrats!!!

[@earthangel3945]

Yesss, this what type of time I'm on!

[@LuvaRN-h7b]

Thanks. I want to pay mine off in 15 years. I close on the 27th. Will most likely do option 2. I’m also going to utilize option 1 on my car. Love your videos! ❤

[@ShaheedahHill]

Thanks so much for watching and sharing

[@Vera-dg3hf]

Thank you for your encouragement. By the way, purple is your color!!! Love the blouse 👚

[@ShaheedahHill]

Thank you 😊

[@cryptonewbie6758]

currently working 2 fulltime jobs in order to payoff my mortgage in 2 years. Wish me a luck 😃

[@ShaheedahHill]

Best of luck!

[@autobotdiva9268]

good luck, dont pass out!

[@naziafatima1966]

Do you know of any full time wfh jobs

[@familylifetoo9541]

Best of Luck. Make time to relax also. 🎉🎉

[@merlinephidd5175]

Good luck

[@joyproctor9881]

Thank you so much for this! I just purchased my first home and Im so going to do one or the other!

[@ShaheedahHill]

@joyproctor9881 Thank you for watching @joyproctor9881 Thank you for watching

[@Myresha100]

Thank you, saving this video ! If all goes well home ownership here I come and I'm using 1 of these principles.

[@ShaheedahHill]

Thanks for watching!

[@catt3911]

That investment part. That’s what everyone forgets. New subscriber just off that fact!

[@ShaheedahHill]

@catt3911 Thank you for watching

[@cristinapurdea8505]

Currently in progress paying off my mortgage 30 years. After 5 years at the renewal we’ve had left 11 years. It we manage to keep up with the plan we should be done in less than 3 years. In total it would be 8.5 years to pay it off.

[@ShaheedahHill]

@cristinapurdea8505 Thanks for watching and sharing

[@216DJPAPI.]

Can this be applied to a car payment?

[@abeagleslife]

Something that I never see when I hear people explain the cost of your mortgage is that paying only the required payment each month will easily more than double your borrowed amount even with a "low" interest rate. If you borrowed 300K, count on paying more than 600K, essentially you are buying a house for yourself and the bank.

[@ShaheedahHill]

@abeagleslife Thank you for watching

[@inthevault9603]

I know this is totally off topic but your lipstick and blouse combo are fire. 🔥 😊 Ty for the advice on trying to pay off my current mortgage early.

[@ShaheedahHill]

Oh thank you! @inthevault9603 Thank you for watching

[@s.p.5213]

I intend on refinancing my home in about 4 yrs when rates drop and my income increases by 4K/ month, back to where it was several yrs ago. Take that re-fi money + roughly $150K cash and buy my Forever Home cash in Maryland. That is called being retired, b/c I'll have no real expenses each month. Groceries + utilities + gas + home & car insurance + misc will never total more than 2500/ month, which will be easily income coming from the 2-unit rental home + whatever other income stream(s)I have goin on.

[@dandelion1598]

Live below your means. & a paid off home allow you to invest. I've lived in same home for 30years and own both homes on the sides of me. I'm debt free for 20yrs.

[@ShaheedahHill]

@dandelion1598 Thank you for watching

[@daralynx2]

Outstanding! Yep, keep your eyes open. I acquired several extra houses over the years just paying attention and living well below our means.

[@malawilake40]

I said the same,put extra in your retirement accounts,like your 401k,Roth IRA,or Brokage accounts...if or when the interest rates get low refinance your mortgage

[@magnelpitt398]

This video is so good that I had to listen to it about 6 times. Best video!! Thanks ❤

[@ShaheedahHill]

Thank you! I appreciate that.

[@clmco36]

What a gorgeous woman!!! It was a pleasure watching this video 🥰

[@dionarcher8968]

Mrs. hill, GREAT VIDEO...THANK YOU SO VERY MUCH for taking the time to create this wonderful tool. It hits different when there is an intelligent, Black Woman illustrating what can be done to improve net worth of others. My Wife and I just watched your video 5 minutes ago and created a plan to pay off our mortgage using your 1st strategy. Thank you...We are subs now..

[@ShaheedahHill]

Welcome to the channel! Thank you for watching.

[@aaronc4724]

Thank you for explaining the extra payment in detail

[@ShaheedahHill]

@aaronc4724 Thank you for watching

[@onetrueheart]

I wished I’d found you 10 years ago! This will be year 10 in our home in Aug. would love to pay it off in 16 years

[@ShaheedahHill]

@onetrueheart Thank you for watching

[@Vera-dg3hf]

Start selling stuff …anything you’re using at home, even if its $50 bucks. It does have an impact in the long term. Good luck. Throw ANY extra cash into your principal.

[@kalawymbs2393]

Thank you for all the information that you give us. You are truly a blessing. God bless you!

[@ShaheedahHill]

Thanks for watching!

[@malikadavis6791]

I love your channel! Today makes 2 years since I moved into my first home and I followed everything you said to purchase the home so now I’ll follow you to pay it off as well!!!

[@ShaheedahHill]

Awesome, congrats on your 2 year anniversary. I hope you are enjoying your home and your interest rate☺️

[@malikadavis6791]

Yes ma’am! Can’t beat 2.625% and I’m so glad I bought when I did instead of being afraid. All because of you 😘

[@SaiTutRe3421]

Couldn't you make a large lump sum principal payment one or two times a year? Is that like a thing that can be done?

[@ShaheedahHill]

Yes, you can can and there is an option to calculate that as well using the amortization calvulator. Thanks for watching.

[@sipusisiwenilli3851]

First time watching your video like it 😊! This is awesome and thank you ! Simple strategy , well explained !

[@ShaheedahHill]

Thanks so much!

[@cowboypatriot6052]

Should I sell first or buy first? I would need a large heated storage and an air b&b if I sell first while I look for a house. This in-between would cost me thousands. If i buy first I would be stuck with two homes to pay for untill I could sell my current home.

[@ShaheedahHill]

You should look for another property, try to put a contingent offer on it, meaning contingent on selling your home. Depending on your market that can work, it works even better if you are buying new construction. You also could sell your house and ask your buyer for a lease back until you close on your home. Start looking for agents and they can walk you through the process, so you can avoid the AirBNB 😊

[@user-mv2tg8hc8c]

So helpful! Thanks!

[@LeonWolves]

The plan is 6 years to pay off 330k. Very doable with my income and my husband working part time, I’m excited every time I make additional payments

[@ShaheedahHill]

@LeonWolves Thank you for watching

[@Okyouright]

That color looks great on you

[@ShaheedahHill]

Thank you so much!

[@donnag7288]

I took out a loan to buy a house for my business. It was 2008 for 712,000. Its balance as of today is 62,900. It will be paid off in one year. I religiously pay toward extra principal since 2008. We live like we are poor. Not really. No fancy cars, no fancy meals , no fancy jewelry. The hardest decision now is should I pay it off in 10 months? Because 8:58 the interest is 2.99. Fixed. ☹️ but might do it for the peace

[@ShaheedahHill]

@donnag7288 Thanks for watching and sharing

[@diasporaexpress9799]

Quick question Shaheeda, Would calling the lender to break the numbers down on what to add specific to our mortgage work?

[@ShaheedahHill]

To pay off your mortgage? Usually no, but the mortgage calculators work well. @diasporaexpress9799 Thank you for watching

[@harvestcreativedesign9034]

I love your videos sis. I will advice you make the purchase amount or home amount example smaller (like 150K - 225K). A lot of people that look like you are not making even 75K a year. And lot of people don't do the math, because the lender will not tell you that you can't afford this home. People home principle and interest is 50% of their take home pay and that is house poor. Encourage smaller home purchase first for first time home buyer and later they can get bigger home with the liquids cash. I know home are expensive these day, but about 30 states you can get a home for 200K.

[@ShaheedahHill]

@harvestcreativedesign9034 Thanks for watching and sharing

[@iiixlovexyuhh]

I actually appreciated she used that price because I live in FL and the home I’m planning on getting is more expensive than that. She has always advocated for buying a home within budget regardless of what the lender says. It’s important to focus on the principle she’s teaching, this is math and wisdom. Regardless of home price it can be applied to anyone.

[@harvestcreativedesign9034]

For sure. My only concern is that America is a big country with 50 states each with its own constitution and government. I'm recommending she make the prices for the higher living conditions state and lower. At least someone in North/South Dakota, Indiana, Ohio, Pennsylvania, etc. can say I have a chance of owning a home. Even big networks do the same by making their example with states like California, New York, etc. You need at least 100k to own a home in those states and how many black families and moms making 100K annually? @@iiixlovexyuhh

[@lanelljohnson5767]

You are so smart. Thank you for providing good quality content.

[@ShaheedahHill]

So nice of you, thanks for watching.

[@davideades160]

I took a 30-year long and whenever I have extra money I put it towards the principal I don't know but I believe I'll have my home paid off six more years. But that's not my only property. My other property is all paid off for the last 20 years..

[@ShaheedahHill]

@davideades160 Thank you for watching

[@franklinflair3619]

Hi, this is so helpful, Question what if you have been in your Home for 6 years is it to late to start paying it off?

[@ShaheedahHill]

No you can start at anytime😊 @franklinflair3619 Thank you for watching

[@mariaaguado-c9n]

Great presentation, and balanced lesson. Pro and con.

[@ShaheedahHill]

Thanks for watching

[@BeingErikaWhite]

A lot of mortgage companies or bank lenders don’t allow prepayments

[@ShaheedahHill]

The majority do, unless you have a pre-payment penalty. Just go on the mortgage servicers website and set it up. @BeingErikaWhite Thank you for watching

[@DaStockAnalyst]

Double up payment for 25yr better?or taking a 15year mortgage and paying more monthly better?

[@ShaheedahHill]

It depends on what you can afford, you will probably pay less doing the 15 year mortgage. @DaStockAnalyst Thank you for watching

[@feleciasmith6246]

Thanks for sharing I am so happy I found this video because we owe $9853 on I mortgage and we were gonna take our Christmas club and pay $5000 to what the principal so I know that this was a good decision thanks for sharing

[@ShaheedahHill]

Thanks for watching!

[@sharonkeller8367]

I was told years ago if I made one extra payment a year to the principal that I would essentially save the same amount of time as you mentioned on paying the $210 a month which equals the one payment a year. Is that correct? The reason I ask is because for those with children many receive a tax refund and it would probably be easier to pay the one extra payment of $2528 to the principal rather than the $210 a month. This might work better for those with lower mortgages.

[@ShaheedahHill]

Yes, making an extra payment each year is basically equivalent to splitting it up over 12 months. I also recommend if you are getting a large refund to reduce your withholding to get that money in your paycheck each month instead of waiting for your refund. @sharonkeller8367 Thank you for watching

[@missbttrsctch]

VERY useful information - thank you 🙏🏾!!

[@ShaheedahHill]

Thanks for watching!

[@manishthukral71]

Where is link to the calculator you have mentioned in this video. Please advise

[@ShaheedahHill]

🔵Bankrate Amortization Table: www.bankrate.com/mortgages/amortization-calculator/

[@MyViewsss]

Mrs. Shaheedah, very good information. Thank you

[@ShaheedahHill]

Thanks for watching!

[@becomingellis9303]

This was super insightful Shaheedah!

[@ShaheedahHill]

@becomingellis9303 Thank you for watching

[@TomNook]

I’m planning to take on a second job, part-time, where the income from this goes to paying off the mortgage.

[@manishthukral71]

What is the formula or formula to calculate principal in the payment amount

[@ShaheedahHill]

🔵Bankrate Amortization Table: www.bankrate.com/mortgages/amortization-calculator/

[@willwin43]

On a 15 year mortgage with 1 extra payment per year. How many years will it take to pay it off?? Please advise

[@ShaheedahHill]

Use this calculator - www.bankrate.com/mortgages/mortgage-loan-payoff-calculator/

[@sheneathahollowell2750]

That’s a good point. I’m in a 15yr at 3%

[@ShaheedahHill]

@sheneathahollowell2750 Thank you for watching

[@1-blackcakequeen778]

Hi Ms Hill could you recommend some good savings and investment options for a first timer? Thanks

[@ShaheedahHill]

On Sunday, I am coming out with a "Wealth Weekends" video that goes over 12 things you need to establish weath for the long term. I would recommend a high yield savings account for your 3-6 months of expenses - now thats about 4-5% interest you can earn, then you should max out a 401K or 403B to the match if there is one at your job and then open a Roth IRA. On Sundays I will begin to talk about more personal finance topics. Thanka for asking.

[@danychhorn8179]

Some people don't have that extra to put in. There are other expenses.

[@AGENT-dl2lu]

This is for the people that do it can

[@ShaheedahHill]

I totally understand, just wanted everyone to understand how applying extra payments, if possible can shave years off of their mortgage. In addtion to explaining it may not make financial sense to pay it off early at all. Thanks for watching.

[@dorotheaanderson9482]

Shalom.... Thanks for the content ..... My spouse and I have followed Dave Ramsey 7 Baby Steps/ Debt Snowball Method ...we have paid off ALL our consumer debt from smallest to largest regardless of interest rate .... We are investing 15% of HH income into mutual funds.... We now have fully funded emergency fund and NOW have the extra $ to pay off the house early. We Purchased April 2020 and are on track to pay off in 6.5 yrs. All Praises to the Most High..... Then we plan to take that Mortgage payment and Max Out our Retirement, and Give generously

[@vtp-uk]

But if they only allow to pay extra 10% per year, any more than that will be charged fee.

[@aikalo80]

Closing on our first home tomorrow, my aunt wants to gift us 10k to apply towards the mortgage once we get done with closing. But she wants to send it directly to mortgage, how can we do this?

[@ShaheedahHill]

Once you close, contact the mortgage company to see where you need to send payment and how to make sure it is applied to the principal and not your monthly payment. If you just send in a check they will most likely apply it to your future payments and not to the principal balance of your loan. Hopefully, your aunt trusts you enough to give you the check written out to the mortgage company, so you can make sure it is done correctly. You may also want to wait a couple of months after closing because there is a high chance that your loan will be sold to another company and you want to avoid any confusion. Here is a video to explain what happens after closing - kzbin.info/www/bejne/r3jCZ6OIbdWnoac

[@aikalo80]

@@ShaheedahHill thank you! 🙏

[@lisagarnier8059]

Very Helpful Information. Thank You.

[@ShaheedahHill]

Glad it was helpful!

[@troycueno7951]

When you say make an extra payment this does not include taxes and insurance just the p&I correct?

[@ShaheedahHill]

Just the P & I, becuase that will pay off the loan, you will still have to pay your taxes and insurance after the loan is paid off. Good question. @troycueno7951 Thank you for watching

[@jonlukas3483]

What about the biweekly payments?

[@ShaheedahHill]

When you pay bi-weekly, you are essentially paying one additional payment per year. You can set up bi-weekly payments with your mortgage servicer. Just make sure there is not a fee.

[@erinphelps643]

Hi, I have an FHA loan since 2017. I live here in Douglasville GA. I wanted to know what are some options into lowering my mortgage payment.

[@ShaheedahHill]

In one my most recent videos, it goes over ways to save. Did you miss refinancing over the pandemic when rates were low?

[@erinphelps643]

@ShaheedahHill I had it down to $1890.00 a month. Then the property taxes took it up an extra $500.

[@teepeace7062]

Thank you for this information. What if you apply money throughout the year towards the principal of your mortgage loan but it doesn't add up to the full amount of an extra mortgage payment? For example mortgage payment $1900.00 per month & one could only afford $1500.00 towards the principle. Is it still worth it? Or not? Thank you.

[@ShaheedahHill]

Yes, it is still worth it. If you do lump some payments you can still pay it off earlier. The calculator will calculate lump sum payments as well. Thank you for watching.

[@baycchief3785]

If you are already locked in for a 30 years fixed mortgage can you still do this by paying extra each month into your principle based on what you have available as cash each month i.e. $100. $200, or sometimes even $500 for the month? Or this has to be setup initially with your lender? Thank you.

[@ShaheedahHill]

You can pay toward your principle at anytime. You just have to make sure it is applied correctly, instead of just applied to future payments. On your mortgage servicers website they should have how you need to do it. @baycchief3785 Thank you for watching

[@ncmay1112]

I don’t see the link for the amortization?

[@ShaheedahHill]

I'm sorry, some of my links in the desctiption were updated in error. Here you go: www.bankrate.com/mortgages/amortization-calculator/

[@ncmay1112]

@@ShaheedahHillthank you so much!!!

[@liliad.7448]

Question : Why not just get a mortgage with a 15 year fixed?

[@ShaheedahHill]

A 15 year mortgage would work as well. But many people may not start out with a 15 year. Thank you for watching.

[@Syamdon]

I have Mortgage at interest rate of 2.625 percent, still I am choosing first option , I need to pay 2800 per month, just throwing 300 a month extra for principal, this is my own version of your first choice

[@ShaheedahHill]

@Syamdon Thanks for watching and sharing

[@dr.t.a.neyland8805]

We have 14 more years on our 30 year mortgage. Does it still make sense to do this? And if so, how much sooner will we pay it off if we try option 1?

[@ShaheedahHill]

It depends, it will not save you as much in interest but use the calculator and see what makes the most sense for you.

[@rosiepugliese2818]

did a 20 yr loan in 2020 ... and am paying an extra 160 a month and will have the house paid off in 13 more years

[@ShaheedahHill]

Congrats! Thanks for sharing.

[@brandonbarclow3135]

Should you pay off your mortgage early. YES!!!! The idea that you can make more money by investing that extra payment is not new. Financial advisors will tell you that investing is better rather than sending the extra payment. I wonder why. But it's just math. It's not reality. Most people will never invest that extra payment. My mortgage was paid off in 8 years, and it feels fantastic!!!! I used the velocity banking strategy.

[@MFFL674]

my investments are automatically withdrawn. every week to index funds and monthly to 401k. i still hedge my bet and make the extra mortgage payment each year. i guess i'll just have to wait and see if those investments can beat my mortgage rate in the next decade.

[@brandonbarclow3135]

@@MFFL674I'm sure it will pay off for you. If done right, you should get a better rate than the mortgage. Based on the math, I'll take investing over paying off a mortgage. But there's something about the peace of mind. The grass just feels a little better under my feet knowing that it's mine (aside from the taxes and insurance that I have to pay each year).

[@greggsadler4387]

Make sure your bank/finance institution “allows” it. Some times there are fees to change terms.

[@ShaheedahHill]

Thanks for watching!

[@turboredcart]

Is there a better day of the month to pay on mortgage? My payment is due on the 1st. Late fee occurs on the 15th. For each year, I have nailed an extra month off. In my case a 30 year, I am 28 months that are deleted.

[@ShaheedahHill]

It really doesn't make much of a difference but the faster it is paid down the less interest is accrued on the loan balance.

[@gogobergie2000]

Thanks for your video. It helps a lot.

[@ShaheedahHill]

You're welcome!

[@estherlashley2520]

Is it a better to pay your escrow shortage in full every year or let the mortgage company divide in twelve months?

[@ShaheedahHill]

Its up to you, typically if you pay upfront they keep your payment the same or you can split up. Whatever you are more comfortable doing. Thanks for watching.

[@estherlashley2520]

@@ShaheedahHill thanks for replying.

[@CindyPineda-l1h]

how can i calculate starting adding extra payments now although loan started in 2020. the calculator doesnt let me specify dates

[@ShaheedahHill]

www.bankrate.com/mortgages/mortgage-loan-payoff-calculator/ Use this and put your years remaining on a 30 year loan 27, since you bought in 2020.

[@nuffchat_jackiem]

I like your tips, thank you.

[@ShaheedahHill]

Thank you

[@Hola3x]

Thank you 🙏🙌

[@ShaheedahHill]

You're welcome 😊

[@uterpia]

Thank you.

[@ShaheedahHill]

Thanks for watching!

[@em4634]

Thank you so much for this video, Shaheeda! If you pay extra towards your principal, does the bank charge you a fee?

[@ShaheedahHill]

Typically no, but check with your mortgage servicer to be sure. Thanks for watching.

[@em4634]

@@ShaheedahHill Thank you for all the valuable information!!

[@shonthedivinediva8462]

Thank you for the calculators!

[@derrickwideman2418]

I would say I don’t know how I find you on KZbin, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *85O Credit Restorati0n* . I thank God for this wisdom. Bless you.

[@sonalipooja1542]

This may be a stupid thing but im young and new to building credit. Recently my credit score just dropped from 750 to 619 but i am able to use *85O credit restorati0n* websites to get to an 800 I was stuck at 750 for a while and I’ve been trying to get to 800. I know in this video you think these methods work for ppl with below 400 but i wanted to make sure someone with over 200 could use these websites.

[@ShaheedahHill]

You are so welcome!

[@hisaddle]

Good info. If house paid off, just think of a house payment amount each month going into savings instead and your are not paying some bank or credit union interest, you can be earning interest or investment gains on that money. You can buy a 6 month certificate now that pays 5% and just keep rolling that over and it is safe. Then you have ready funds for home repair or pay cash for a vehicle when you need it, the advantages of having a paid for home go on and on.

[@ShaheedahHill]

Thanks for sharing!

[@troyStark-jt1yp]

I qualified for a VA loan and the lender told me they couldn’t qualify me through VA and put me in a FHA and I’m stuck with a PMI of 300 a month! Why would they treat. veteran like this , I don’t understand??

[@ShaheedahHill]

That is really odd. I am not sure why you didn't qualify for VA?

[@skinneymansam]

Does this include insurance and taxes? Or is it just the mortgage

[@ShaheedahHill]

Just the mortgage, principal and interest. You can use the calculator in the description to calculate your own mortgage amount. @skinneymansam Thank you for watching

[@angied7857]

Velocity banking and chunking the principal is the best way.

[@ShaheedahHill]

@angied7857 Thank you for watching

[@ShaheedahHill]

@angied7857 Thank you for watching

[@biancapiper7123]

Could not find the link to see how fast I can pay my mortgage off.

[@ShaheedahHill]

www.bankrate.com/mortgages/amortization-calculator/

[@AnnieFNYC]

Thank you for this. I want to get it done in 8. Might take 10. My taxes are 10k on a tiny house. (NY)

[@ShaheedahHill]

You can do it!

[@AnnieFNYC]

Thank you ❤

[@leleg3046]

On a tiny home taxes ripp off, wow