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How do I pay off my mortgage early?
How do I pay off my mortgage early?

This article describes ways to model paying off your home early.

Nancy Gates avatar
Written by Nancy Gates
Updated over 3 weeks ago

There are two ways to model paying off your mortgage early.

  1. Increase your total monthly payments toward your mortgage

  2. Make a lump-sum transfer (PlannerPlus feature)

Increase your total monthly payments

Step 2: Open the Primary Residence section

Step 3: Press on the ✎ (pencil) to edit

Step 4: Increase the monthly payment field

Step 5: You can check the Estimated Payoff Date below the ZIP Code field and adjust your monthly payment to achieve your desired payoff date

Step 6: Press Save when complete

Make a lump-sum transfer to fund your mortgage pay down.

You can apply funds from a withdrawal towards mortgages. Any amount in addition to your monthly mortgage payment will be applied toward the principal.

Step 1: Go to My Plan > Money Flows

Step 2: Open the Transfers section

Step 3: Press "Add a Transfer +"

Step 4: Designate the From account (the account that will be tapped to pay down the mortgage)

Step 5: Designate the TO account as the mortgage

Step 6: Enter a payment amount in future dollars (i.e. the amount you expect to transfer at the time of transfer)

Step 7: Specify at what age this transfer will take place

Step 8: Add a descriptive note

Step 9: Press Save

NOTE: The estimated payoff date in the mortgage data entry field will not update when transfers are used to pay off the mortgage.

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