Paying Off Your 30 Year Mortgage Loan in 15

If you have a 30-year mortgage loan on a house, you could potentially pay it off in 15 years without a lot of extra effort. Many people might think that it is extremely difficult to do this, but it is actually easier than getting a 15-year loan. By getting a 30-year mortgage, you will also be able to qualify for a more expensive house. Here are the basics of paying off your 30-year mortgage in 15 years. 

Using the Amortization Table

In order to do this, you need to get a copy of your amortization table from the mortgage lender. You may have to pay a small fee for this table, but it will be well worth it. The amortization table will give you information about how much your interest and principal are on each payment over the 30 years. When you make your monthly payment, write a second check for the amount of the principal for the next month. Specify to the lender that the check is for prepaid principal.

Savings

This method can save you a great deal of money on interest. For example, with a $200,000 loan, you could potentially save over $130,000 in interest over the life of the loan.

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