The Beauty of Debt

Another idea is to pay your instalments once a week instead of once a month

, effectively resulting in an extra payment each year. For example, instead of paying $1,000 per month, you pay $250 per week. This means that instead of paying $12,000 per year ($1,000 dollars x 12 months), you pay $13,000 per year ($250 dollars x 52 weeks). The extra $1,000 "amortised" to your mortgage means you pay it off sooner and save on interest. Now doesn't that sound doable?

The Beauty of Debt

By: Eugene Yiga

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