How would you like a lower monthly mortgage payment and a reduction in your mortgage debt?
You may have heard of the biweekly mortgage payment plan where you make more payments than the standard 12 monthly mortgage payments a year. The idea is that you’re paying the mortgage loan off faster because you’re cutting down on the interest. You also pay more on your mortgage principal.
With A Biweekly Mortgage Payment Plan You’re Making Additional Payments
When you make biweekly mortgage payments you make mortgage payments every 2 weeks. So you’re making 26 payments a year. You essentially pay one half of your mortgage payment every two weeks. That works out to 13 monthly mortgage payments a year. So in effect you’re making one extra mortgage payment each year.
What If You Could Make One Half Of Your Mortgage Payment Each Month?
If you could
- reduce your mortgage debt to what your home is worth right now
- make only half your current mortgage payment, and
- remove mortgage debt greater than your current property value
without being in a biweekly mortgage payment plan, how would that help out with your mortgage debt? How would that help to pay your current monthly bills?
How Many Biweekly Mortgage Payments Would It Take?
How many biweekly mortgage payments would you have to make in order to pay down your current mortgage loan to your present property value?
Let’s take an example.
Your current mortgage is $250,000 fixed rate of 5% for 30 years
Your property value has dropped 20%
So your current property is worth $200,000
That’s a $50,000 drop
How long would you have to make biweekly mortgage payments to pay down your mortgage debt to the current property value of $200,000?
It Would Take 8 ½ Years To Pay Down The $50,000
According to the Biweekly mortgage payment calculator at BankRate.com it would take 8 years to reduce the balance by $48,986.30 making biweekly payments, and 9 years to reduce the principal balance by $56,597.48. So it would be between 8 and 9 years to get the balance down to under $200,000. Let’s round it to 8.5 years or 102 payments.
Would You Like To Clear That $50,000 Mortgage Debt Faster?
With our Mortgage Debt Reset Program you could accomplish the same $50,000 reduction in a very short time, probably less than 6 months. Then think of the additional equity you could build in the next 8 years. Why, in that amount of time maybe your home would be worth over $300,000.
You would have made an additional $100,000 instead of just paying off $50,000. In addition, you would be making mortgage payments once a month for about the same amount you’d be paying every 2 weeks with the biweekly mortgage payment plan.
You’d Have Lower Monthly Mortgage Payments Now Plus Equity Build Up
With our Mortgage Debt Reset Program you probably would be making the lower monthly mortgage payments for 3 to 5 years. But in that amount of time, think of the savings you’d get. If it’s only 3 years you’d have saved about $24,000 in payments. Plus you’d have additional principal reduction, which means more equity.
To see how you could lower monthly mortgage payments without a biweekly mortgage payment plan and what you need to qualify for our Mortgage Debt Reset Program go to Find Out More About Our Mortgage Debt Reset Program and sign up to receive our free no obligation information package.
