Are you working towards a mortgage-free life and making real changes in your daily routine to get there? Here’s an extra mortgage payment tracker printable that will help you save an extra principal payment every year.
By working on this challenge as a family, it actually lessens the time you need to carry this financial burden.
How do you save an extra mortgage payment a year as a family? You take your current mortgage payment and divide it by 52. Save that amount every week and then – at the end of the year – submit that amount and apply it completely towards the principal.
There aren’t many people who can afford to send in an additional mortgage payment on their own without having to save for it in some special way. It would be too strenuous to withdraw two payments at once for most.
This method of dividing out your payment balance into bite-sized chunks is a great option for families looking to make that additional principal payment but who can’t afford to take a lump sum out of savings at one time.
Principal Payments Are Key
As a reminder, your extra payment must go towards the principal of your loan. This will significantly lower the interest payments you make over the lifetime of your mortgage.
You will have to note this on your payment. Otherwise, the bank will most likely treat the payment as your next scheduled monthly payment and not as an extra one.
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How To Speed Up The Payment Process
You don’t have to wait 52 weeks if you happen to come across a bonus or extra funding along the way. Simply cross off multiple amounts during that particular week and speed up the length of time it will take to get you towards your money goal.
This mortgage payment tracker is a great way to help anyone stay on track with their financial goals.
Example Of How To Use This Payment Tracker
Let’s say your mortgage is $3300. Divide $3300 by 52. This gives you $63.46. Round it up to $64. Using the printable provided above, write in $64 dollars in every circle you see.
Every week, for the next 52 weeks, save $64 either in a cash envelope or in a separate savings account. However you’d like to do it is up to you. As mentioned, if you are having a particularly good week, you could double or triple your savings.
For every $64 you save, cross off one bubble. Once you cross off all 52 bubbles, you will have enough money saved to submit an extra payment to your bank!
Doing it this way makes it much more manageable. It will make you not want to buy that $64 sweater from Amazon and instead apply it to the principal of your home. What a mind-shift!
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