Pay Off Mortgage Early

by Irma from Covina, CA USA

Ask Kate how to pay off a mortgage early: Hi Kate, Thank you for this wonderful website. We are trying to get out of debt before we retire. Should we refinance? We have an interest-only mortgage payment of $2045.00. Our principal is $392,000 at 6.25 percent.


We refinanced in 2008 on a 30 year loan. In 2023 this loan will adjust and a full principal and interest payment will be due at that time.

For 2 years we have been paying interest-only even though there is an option to pay the whole amount of $2,450.00.

But we have not been able to pay the larger amount on the mortgage because we are trying to pay off credit cards. We should be finished with the largest credit card of $10,000 in a year.

I need advice trying to figure out if we should refinance again. We are offered 5.3 percent, 30 year fixed with $5,000 closing costs through my same lender. The monthly payment would be $2,200, principal and interest.

We are worried we wouldn't be able to afford either one of these payments when we retire. We are both 46 yrs old.

1-- Which loans should we keep? We are also planning on starting to send an additional $300 once the $10,000 credit card is paid off.

2-- Would we be able to refinance at age 60 in order to lower the monthly payment?

3-- Our property taxes are only $2,200 a year. Will our property taxes rise after refinancing if home value is $380,000?

Sorry for so many questions. I just don't know where to go for answers. Thank you so much for your time! Irma

Kate Answers: Pay Off A Mortgage Early With $15

***zz-portrait-left.shtml*** Dear Irma,

Let's take a scientific approach, the methodical route, to pay off your mortgage early and get out of debt before you retire. That's what you really want, right?

But first I'd like to take a look at your last two questions.

Age Criteria and Property Taxes

Can you refinance at age 60? Currently, the age requirement for mortgage applicants is to be at least 18 years old. So although being age 60 is not a determining factor - income, credit, debt, assets and appraised value are.

Can property taxes rise with appraised value? In many states, property taxes are based on county assessor records, not real estate appraisals. But since local governments are desperate for funds, we could see policy changes. So check with local authorities for current practices in your state.

Using $15 To Pay Off A Mortgage Early

***zz-portrait-left-the-mortgage-freedom-project.shtml*** Now for the nitty gritty let's-get-down-to-the-heart-of-the-matter issue. How to pay off your mortgage early and get out of debt before you retire!

Now I'll be the first to admit that it takes more than decision to pay off a mortgage early. But deciding IS the first step, the doorway to getting out of debt. So what's the catch?

The only catch is in your answer to this question... If you could get out of debt and pay off your mortgage early with as little as $15 a week, would you?

What? Pay off a mortgage early using $15? The truth is, it is within reach and probably a lot easier than you think.

Because I already did the heavy lifting - creating a 6-step magical system to getting out of debt and paying off a mortgage early - it's time to go to The Mortgage Freedom Project.

You will be amazed at what you are about to accomplish with $15. I guarantee it!

Best Wishes,

PS If you want to pay off your mortgage early but have other questions, write me at Ask Kate where every question is a good question.
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Paying Off My Mortgage in 10 Years
by: Diane in Vail, AZ

I would like to know how much extra a month would I need to pay in order to pay off my mortgage in 10 years?

Loan started in 2010 - 30 year fixed rate mortgage.

Balance is $194,000
Interest is 4.75%
Monthly payment is $1367

Thank you for your help.

Hi Diane, Kate here.

To pay off a $194,000 mortgage at 4.750% in approximately 10 years, a homeowner would make an estimated principal and interest payment of $2,035.

It's simple to calculate mortgage payments. You can do it too. Go to Easy Mortgage Payment Calculator for my free calculator. Read my early mortgage pay-off tutorial first. Remember to View Report after you Calculate.

Best wishes, Kate

P.S. If this is the first time you've visited the calculator page, please be patient while it opens.

Click here to add your own comment.

You can also ask Kate about your mortgage at Refinancing Advice The Nuts and Bolts.

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