Paying off your mortgage in 5 years seems like crazy talk. Most people never even pay off their house in 30 years due to refinancing or buying a new house.
Even for people on 15 year mortgages, paying off your home in 5 years seems unachievable. Recently, we refinanced to get a lower interest rate and moved our mortgage to a 15 year note.
I got curious the other day and stared running some numbers. I was wondering what kind of an impact making extra mortgage payments would make. During the process I found some interesting things. Continue Reading »