Wager Mage
Wager Mage
Photo: Diana Agapova
Divide your mortgage payment by 12 For example, he continued, "If your monthly payment is $1,000, your 1/12 is $83.
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Read More »Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page. A millennial couple who paid off their mortgage 21 years early used the "1/12 rule." The strategy starts with a simple calculation: Find one-twelfth of your mortgage payment. Then, you pay that much extra each month, totaling an extra payment each year. Get the latest tips you need to manage your money — delivered to you biweekly. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy Sacramento couple Marques and Shyra, who don't share their last name online, paid off their home 21 years early. After buying the home in 2009, they soon started to look into ways to pay down the mortgage, starting with increasing their income and cutting their expenses to make paying off their mortgage more feasible. They picked up side hustles, including music gigs for Marques, paid off smaller debts, and avoided lifestyle creep to keep from spending more as their income increased. Then, they came across the 1/12 strategy. It soon became critical in their mortgage payoff journey, which they finished in 2017. Since then, they've turned the property into a rental property to generate passive income.
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Read More »That $1,083 puts $1,000 per month towards the mortgage principal (the amount borrowed), and interest (the cost of borrowing that money), plus an extra $83 to the principal. Interest fees are calculated based on the remaining principal, so even a small extra payment can bring down the total principal amount, ultimately reducing the amount you'll pay in interest over the life of your loan. However, it's important check with your mortgage company before you start to make sure you're paying the right way, Marques said. To save over time, your extra payment must go to the principal instead of the interest. Marques and Shyra took the strategy one step further by making this 1/12 payment bi-weekly, along with switching their mortgage payment to a bi-weekly schedule. By paying every other week, the couple made extra payments 26 times a year instead of 12, which — to stick with our example of $1,000 monthly payments with an $83 1/12 payment— is an extra $2,158 a year instead of $1,000. That's the equivalent of more than two extra monthly payments. By continuing to pay down the principal and paying less in interest over the life of the loan, it's possible to cut years from a mortgage. A $100,000 mortgage with a 3.5% interest rate would be paid off 13.5 years early, compared to 11.5 years if the payments were applied each month instead. You can also take it one step further and automate those payments, making it easier to do consistently. You can contact your bank and ask it to send the money from a checking account directly to your mortgage lender, or you can contact your mortgage lender and have it withdraw money directly from your account. By automating extra payments, you can start to tackle the balance of your mortgage far quicker and never need to think about an extra payment.
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