The magic trick to paying off a mortgage in a shorter time frame

In this episode we discuss the magic trick to paying off a mortgage in a shorter time frame, to save thousands in interest costs. The trick is that there is no magic trick - plain and simple. Like the dream of 7-minute abs, or 6-minute abs.... (but what about 5-minute abs!) it takes a bit of work to get it done.    

 

In this episode we discuss:

One simple strategy is to make your mortgage payments weekly, in addition to increasing your repayments. With this formula you can halve your mortgage from a 30-year term into 15 years.  We’ll deep dive into ways to do this, but start with the single simplest and most effective way to crush debt.  Doing this can save literally thousands in interest payments and increase your financial freedom.  We also discuss different interest rates. Obviously with higher interest rates, you save a lot more. Finally, we run through whether it’s worth investing the money instead, or repaying your debt.

 

Here’s a link to the Pay Yourself First Episode