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Can you pay off your mortgage with a single early payment and save money?
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I’m not very knowledgeable with real estate and mortgages as I’ve only been researching it in the last few days because I recently got my first credit card and plan to build an excellent 750 score throughout the years. I’ve been thinking a lot lately about buying a home after college with a job, in 4 years probably more considering job search, and wondered if it’s possible to say buy a home for $210,000(optimistic 4% rate for 30yrs with loan of $200,000) and sell it for say $240,000. Can I use this money to pay off the entire remaining balance of the mortgage and keep some profit after taxes? Would I still need to pay the same amount of interest as I would have throughout the 30 years but in a single payment instead, because if so, then I wouldn’t be able to pay it all off in a single payment and much less make any profit😂 Can someone explain to me?

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Posted
1 year ago