Thursday, April 25, 2024

Scott Bilker
Household Math™: Fast Mortgage Payoff
by Scott Bilker
 
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.

Test your knowledge by trying to solve this DebtSmart, Household Math™ problem! After you complete the problem, you’ll get the solution and explanation.
 
1.

Dear Scott,
My question is, I want to pay my $138,000, 5.125% APR, 15-year mortgage, off early. We just refinanced. My first payment is July 7th. We plan on making one extra mortgage payment a year but I would like to add an extra $100.00 monthly to principal only. By doing these two extras, how early will I pay my mortgage off?
Leah
16 months early
26 months early
36 months early
46 months early
I don't know!



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