Pay Off My Mortgage - Fastest Way to Pay Off Mortgage!

Do You Know Your Fastest Mortgage Pay Off Method? Learn How You Can Know it - Free!

I recently read about, and then decided to check out a free service, known as 'Paying Off Mortgage Help' (payingoffmortgage.org), which is a part of the 'Pay Off My Home Loan' network. The idea behind the network and the site is to help people like me pay off their mortgage by performing a comparitive analysis to determine what would be the best way for them to pay off a mortgage. This is a novel, and much needed service to say the least! The fact that it is completely free (though they do recommend that you make a donation to keep them going), makes it even better!

Looking further into it, I discovered the various metrics they use in addition to the standard mathematical calculations to select your ideal payoff method. The comparison includes
At the moment, there are lots of competing systems and theories for debt management. The most common of these are extra payments on principal (which will ALWAYS help, but may not be the most efficient), bi-weekly payment plans, and software-managed MMA. Each has of these methods has its pros and cons that make it suitable for some, and not recommended for others. What works best is based ENTIRELY on the individuals situation and financial set up. There are tons of factors that can influence what works best for you, including:

Nature and Frequency of income - This is a biggie that is almost always ignored! How frequently you earn (weekly, bi-weekly, monthly, quarterly, commission based and so on) makes a BIG difference on what would be the best payoff method for you!

Number of Accounts and Loans You Manage - The larger the number of accounts (checking, savings, money-market) that you manage has a direct impact on how efficiently your money is earning for you. Additionally, the greater the number of loans you have - not the amount - tips the scales in favor of a software-based MMA instead of other methods.