Mortgage Payment Options
Libro offers a variety of mortgage payment options. Your choice will depend on your unique mortgage goals.
You can request one of six mortgage payments to match your cash flow or payroll day:
The benefit of selecting an accelerated payment vs. a regular payment is that you end up making the equivalent of 1 extra monthly payment per year. This extra payment goes directly to the principal of your mortgage and will help to reduce your overall amortization period for the mortgage.
Let’s compare a regular Monthly or Weekly mortgage payment to an Accelerated Weekly mortgage payment option:
|Regular Monthly Payment||Weekly Mortgage Payment||Accelerated Weekly Mortgage Payment|
|Mortgage Payment Amount||$1,000||$230.76
($12,000 / 52 weeks)
($1,000 / 4 weeks)
|Total Annual Mortgage Payments||$12,000||$13,000|
*An Accelerated Weekly Mortgage Payment would work like this:
There is an extra $1,000 in mortgage payments using an accelerated weekly payment vs. a regular monthly payment ($13,000 vs. $12,000 in the total mortgage annual payment).
Wan to be mortgage free sooner? Here’s some other mortgage payment options available:
*Since scenarios vary by individual, please talk to a Libro Coach to talk about your specific home buying goal. For example, if you are planning to downsize into a smaller home this would mean carrying a smaller mortgage amount. A downsizing decision might include different mortgage transfer arrangements and costs.