How to pay off my mortgage
How I did it: I bought my first house nearly 21 years ago, when interest rates were around 16%, and had two mortgages. I lived on a really tight budget for the first couple of years. Every time the interest rates reduced, I kept my payments the same so I could pay off more principal. After 8 years I had reduced that morgage down to $14,000 and was in sight of paying it off completely.
I then sold that place and bought my current place, which is a better property but more expensive. Again I've tried to pay above the minimum payment as much as possible, so that the principal got paid off faster. As a result the mortgage on this property has been paid off 8 years ahead of the due date.
Lessons & tips: Pay more than the minimum repayment whenever possible, particularly early in the morgage.
Resources: My bank - they are good at answering questions, and calculating different repayments.
www.sorted.org.nz
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