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 | | | Finance > Saving
Reduce the term of your mortgage
Pay 50% of your monthly mortgage payment every 14 days. There are 52 weeks in a year, so over the course of a year, you will make 1 extra monthly payment, without feeling it. This will reduce the term of your mortgage by about 20%. A 30 year fixed mortgage will be paid off in about 24 years. A 15 year loan will be paid off in about 11 years. This also reduces the total amount of interest paid over the life of a loan. | | | | | | Kenneth in Fort Lauderdale, Florida | Tips Published: 9
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