How to Pay off your Mortgage in 5-7 years: The Ultimate Guide

In this video, we're going to teach you how to pay off your mortgage in 5-7 years!

If you're looking to save money on your mortgage, then this video is for you! In this guide, we'll show you step-by-step how to pay off your mortgage in as short a time as possible. By following our advice, you'll be able to save money and reach your financial goals much faster than you thought possible!

Timestamps
0:00 - Intro
0:40 - How does a mortgage work?
1:23 - How much interest am I paying?
1:52 - How much of my mortgage payment goes towards principal?
3:06 - Why most people never pay off their mortgage
3:25 - How do I build equity in my home?
3:45 - What happens when you refinance your home?
4:47 - When does most of my mortgage payments start going to the principal?
5:41 - How can I pay my mortgage off faster?
6:09 - What is a HELOC?
6:29 - How much can I borrow in a HELOC?
7:05 - What I paycheck parking?
10:27 - How do you pay your mortgage with a HELOC?
13:03 - How to pay off your mortgage in 5-7 years
13:39 - How much interest will this strategy save me?
13:55 - HELOC vs Extra Principal Payments
15:26 - How soon can I pay off my mortgage with additional principal payments?
15:49 - What are the risk involved?
17:22 - Conclusion

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DISCLAIMER: I am not your financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments. I get commissions for purchases made through links in my video description box. Thank you for watching!

[LoganChestnut]

I know this comment is 5 months after your posted this video so I’m not sure if you will see it. This video was absolutely phenomenal man, extremely clear and well put together. This was exactly what I was looking for as I start the home buying process. Your channel deserves a million subscribers bro.

[dennisclove]

Simply put if your making $6500 a month, just save 2500 every month for 6 months which ads to $15, 000 and then just pay that amount towards the principal semi-annually. Which is $30, 000 a year towards the principal. Same result just not leveraging debt.

[maurywalker]

Absolutely, one of the best explanations of paying off your mortgage ahead of schedule…$200k+ saved on interest…eye opening…Outstanding 👍🏽

[pecheagaray]

The first part of your video is excellent and spot on, but when you got to the HELOC, my head spun 200 degrees and when you mentioned a credit card, I went full Linda Blair.. I must be missing something somewhere. Why would I juggle a HELOC and a credit card, besides the mortgage, when I can just pay extra every month to pay down the principal?? That is what I am doing, and as per my excel sheet I will be shaving 13.5 of 30 years from my mortgage when done. No complications related to other loans are involved. I’ll need to re-review the video…

[janesmith]

I am going to be buying a home next year....This will help immensely since I am going to be 65

[GingerlesSoul]

I wish I'd known this 30 years ago. My home is paid off, but when I calculated the amount of money that could've been saved, my heart sank. This was an extremely informative video. It was easy to follow and, with little effort, inspirational for those locked in a mortgage now.

[elidicaprio]

You are simply a genius, I am still in awe of what you just explained. I’ve been paying my mortgage since 5 years now not knowing that these kind of options existed. You deserve a special award for breaking these complex principles in such a way that even first grade students can understand it. Thanks a lot Sir. I will share this video to all my friends and family to make them aware of these methods to make the payment of mortgage more bearable. High 5 to you and again thank you 🙏🏿

[carlossotelo]

This is one if not the best video I’ve seen on how to strategically pay down your mortgage faster. Thank you! Very interesting info

[BusyBeeMortgage]

I am a mortgage lender, and LOVE the fact that you shared both sides pros and cons. It is challenging in the world of social media to get both sides to strategies like this, so great job and thank you!

[Raymondjohn]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[ricomancillas]

One of the best hands-down explanation for utilizing a HELO along with CC to pay expenses.

[sirmoneymoves]

Drop a 💯 in the comment section if you felt this video was helpful.

[divergentmind]

i never heard anyone explaining this way, thank you, i finally understand the process. 🙏

[christianmommybillionaires]

I personally don’t even own a home right now but after watching your video I feel like I’m more prepared. Thanks for sharing this info!!

[lionheartministrys]

Im from Germany and have learnt from this video, think ill go for extra principle payment which will pay my house of in 5 years instead of 13 years saving me around 16000 euros in interest.

[jnguyen]

Just happened to stumble across your video. Glad I did! Great work my friend!

[MrHammer]

70% of Americans living paycheck to paycheck- if you fall in this category then none of this strategy applies and one should not attempt..

I will also add, as soon as the bank allows it, manage the escrow yourself. It becomes easier for you to see and manage your home insurance premiums - during these high inflationary times insurance companies are raising premiums ridiculously- shop around for better rates.. have the insurance company send the insurance binder to the bank to keep it current- (this is if the bank won't allow you to manage your own escrow..)

Well put together video brother!!

[makinggreatbread]

I've been racking my brain on the comparing of strategies. Every video I've watched was heavily focused on one side or the other, making it hard to know which was right or wrong. Trying to get apples to apples comparisons is just tuff.

It was refreshing to see you discuss both sides with numbers and no obvious bias to either side.

Before I watched this video, stressed out and just hours from signing a new AIO loan currently at 8.10% variable to replace my 2.75% fixed (yeah, the AIO was sold very convincingly. A mortgage counselor with nothing to sell me (and oddly was not familiar with AIO loans) did make me think twice about it. So I cancelled the process before I had to pay appraisal fee ($600). I was just not feeling it.

We've decided to just pay down the principle each month on our existing. In order to mimic the AIO to a small degree, we use the first month to build a 'buffer' balance in our regular checking. Say $2000. This becomes our 0 balance (keep minimum 2K at all times) so that 100% of the following months 'excess' funds can go to principle. Without a 'buffer', we would not be able to send the max because you would never want your checking to go to $0 and end up with unexpected overdraft situations. You just have to be disciplined to not touch the buffer amount.

As for liquidity purposes, we already have a separate stock account in the event of an emergency, etc. so no need to add a HELOC for that purpose. If we can keep our expenses in check each month, the excess cash positive goes to the principle and we end up saving a ton more interest than the higher interest AIO. The numbers show the AIO would cost us $20K more with the AIO and the Traditional being paid off in 4.3 years.

Thanks for this excellent video. Put my mind to ease that I did the right thing. Subscribed!

[JWD]

My friend you are good!!Because you make it simple, illustrative, to the point and profitable. Thank you sir.

[sirmoneymoves]

Which payoff strategy do you like the most?