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Paying Early Can Pay Off

The lowest interest rates in decades have prompted many homeowners to increase their monthly house payments in order to eliminate their mortgage debt ahead of the standard 25-year amortization schedule.

Though making higher monthly payments decreases the borrowers' leverage, they will earn a rate of return equal to the interest rate and slash the amount of interest paid over the loan's life. To reap the benefits of this strategy, homeowners can either simply pay extra on their 25-year loan.

While it will not save them on the actual interest rate, they can easily return to paying the minimum if they hit a financial bump.

As an alternative, they also can covert their 25-year mortgage into a 15-year loan, which will lower their interest rate and result in a bigger payoff due to interest savings.

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Steven J. Porter
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e-Mail: steven@stevenporter.ca

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