Getting rid of the mortgage sooner helps retirement plans.

Finance Broker and Mortgage Busting guru, Graham Couper-Smith of payoffyourmortgage fast.com, was discussing the problem of people finding a mortgage payment later in life when considering retirement.  Mr. Couper-Smith said “getting rid of five years from a mortgage is often easy to do by just adding a little more to the weekly repayments from the beginning"

He continues, "For example, take a hypothetical home loan of $250,000 at 5.9% interest that costs someone $344 per week.  If that loan repayment amount is increased by just $27 per week from the beginning (maybe equivalent to buying one cup of coffee per day),  5 years could be gone from the loan. There is a lot more that can be done to make this saving even larger,“.  Mr. Couper-Smith continues, ”but thinking ahead and making that one simple change at the beginning could make a big difference to five years of someone’s life and may save nearly $60,000.”

This is a hypothetical case and not personal advice and may not suit some individual circumstances or specific loan terms and conditions.

For personal advice see a professional advisor.

Contact Information

Graham Couper-Smith

Co-Author

Pay Off Your Mortgage Fast

Contact via E-mail