Pay Off Your Home Faster – The Weekly Way

Pay Off Your Home Faster – The Weekly Way

Today I want to share with you a simple mortgage repayment tweak that could save you literally hundreds of thousands in interes.

Let’s say you have a home loan of $1,000,000 with a loan term of 30 years and an interest of 6.49% p.a. And your monthly repayment is $6,315.

If you divide that amount by 4 ($6,315/4 = $1,578) and start paying $1,578 per week, you will save around $290,000 in interest payments and pay off the loan faster by around 5.5 years!

The reason for this is you effectively paid $120 more into the loan each week. But you don’t feel it as you tricked your mind into thinking you’re still paying the same amount.

Again, it’s an example of how small shifts in what we do with our money can lead to big results over time.

So why not make this shift today?

Change your loan repayment from monthly to weekly and pay down your loan faster without feeling the pinch.

By the way, it works with any loan size and repayment amount. The actual amount of interest saved will vary.