USA ed. How to Own Your Home Years Sooner & Retire Debt Free by Harj Gill

Author:Harj Gill
Language: eng
Format: mobi, epub
Tags: Personal finance, mortgage acceleration, Australian mortgage system, debt payoff
Publisher: Speed Equity® Publishing
Published: 2014-02-13T18:00:00+00:00

As you can see from our example, this couple decreased the principal of their P&I loan by $1,161 after only the first month - remember on the 1st of January they owed $100,000, but by the 31st of January they owed $98,839.

This $1,161 principal reduction at the end of January was achieved by having all of their income deposited into their HELOC, only withdrawing their budgeted living expenses in accordance with their Speed Equity® Plan, and leaving all of their surplus funds in the loan. These funds, instead of sitting in their checking/savings account earning them negligible interest, were now working much, much harder for them by reducing the interest payable on their home loan at the rate of 10% - tax free!

Again, here’s what happened in January:

Total Income: $3,600

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