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Ask Ralph: Christian Finance
March 11, 2024

Prepaying Your Mortgage

Prepaying Your Mortgage

Discover the Secrets of Prepaying your mortgage and how you can save thousands of dollars over the life of the loan and have your home paid off in far fewer years.

Discover the Secrets of Prepaying your mortgage and how you can save thousands of dollars over the life of the loan and have your home paid off in far fewer years. Join Ralph Estep, Jr., as he make the complex simple and puts together an action plan for how to implement this process in your financial life.

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Transcript
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Ralph: Have you ever dreamed a tossing
extra money at your mortgage each month?

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Maybe you had friends talk about
it and they told you about how much

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money they saved, or maybe the idea
struck you right out of the blue.

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Well, folks today we're uncovering the
benefits of prepaying your mortgage.

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And how it can supercharge your
journey towards financial freedom.

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And that's what we're all about here.

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What if I told you, you can save
thousands of dollars over the life of your

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mortgage by just paying a little extra.

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Listen today, folks.

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Welcome back to the Ask Ralph
podcast, where we help you master your

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finances from a Christian perspective.

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And today on this motivation
Monday, We're tackling the

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exciting world of home ownership.

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And mortgages.

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Specifically, we're going to explore
the power of prepaying, your mortgage.

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And see if it's a strategy that aligns
with your financial goals and values.

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So let's start with some basics.

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Let's say for example,
you have a $200,000 home.

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Your monthly payment at 30 years.

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That's a 30 year amortization.

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At 5% interest would be $1073.64.

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And it would take you
30 years to pay it off.

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The total amount of your monthly
payments will be $386,507.

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So that's what you'd be paying in total.

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For your monthly payments.

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So why.

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Are we thinking about
prepaying a mortgage?

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Well, let's break it down.

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The truth is folks prepaying.

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Your mortgage is like giving
your loan a swift kick.

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And it helps you get to
that finish line faster.

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Well, Ralph, what does it mean to prepay?

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Well, it's pretty simple.

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It means making extra payments beyond
your regular payment each month.

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And maybe if you can't afford
to do it every month, do it.

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As frequently as you can.

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And those, extra dollars go directly
towards reducing your principal balance.

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That's the original amount
you owed on the loan.

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So let's talk about the financial
benefits of prepaying, your mortgage.

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this is where it gets exciting.

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Prepaying your mortgage comes with
some incredible financial benefits.

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The first of which is you
save a boatload of interest.

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This is a biggie.

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Since your interest is
calculated based on what you owe.

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Hammering down that principle
means you'll pay substantially

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less over the life of your loan.

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That's more of your hard-earned
money staying in your pocket.

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Let me give you an example.

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I talked a few minutes ago about that
30 year mortgage, 5% interest rate.

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Your standard payments, $1073.64.

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Let's say, for example, you find
an extra a hundred dollars a month.

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And pay it towards your mortgage.

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That means you're only
going to pay $1,173.64.

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So a $100 increase.

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Well, what does that do?

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Well, first thing it did.

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It's going to save you $37,068.19
cents over the life of the loan.

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Now that means you're going to pay
that a hundred dollars every month.

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And you're going to save
over $37,000 in interest.

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Think about that.

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That's huge.

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Here's the other thing it's going to do.

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It's going to help you
own your home faster.

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Imagine paying off your mortgage
years ahead of schedule.

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I've had several clients
that have done this.

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It has led them to financial freedom.

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That's the power of prepayment.

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Think about all the things you could
do once your home is free and clear.

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Let's talk about the example.

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We had a few moments ago.

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In that example, where I had you pay
an extra a hundred dollars a month.

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Instead of paying that loan over 30 years.

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You're going to pay it over 24
years and nine months had saved

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you five years and two months.

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Hey, while we're here.

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Let's think about another example.

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Let's say you could afford to do this.

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Instead of throwing an extra
hundred dollars a month.

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Make it $200 a month.

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That would take your monthly
payment, the $1,273.64.

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Now understand this is just
principal and interest.

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This doesn't include your
escrows or anything like

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insurance and property taxes.

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But if you pay that extra $200
a month, Guess what folks.

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Over the life of the loan,
you're going to save $61,158.43.

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That's enormous.

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Over $61,000 saved.

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Over the life of the loan by finding $200
extra a month to prepay on your mortgage.

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And best of all, guess
what it did to the term.

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You're no longer paying over 30 years.

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Now you're going to pay for 21 years
and three months that knocks off eight

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years, seven months from your mortgage.

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Now, depending upon how you approach
prepayment, you might even get

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those monthly payments reduced.

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at some point of interest rates go down.

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You can potentially refinance your
house for a much shorter term.

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Now let's talk about the benefits of
prepaying from a Christian perspective.

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Because here at the Ask Ralph
podcast, we believe in managing

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money in a way that honors God.

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That's why we do what we do.

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Here's how prepaying aligns with
your Christian financial principles.

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Number one, stewardship.

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Prepaying demonstrates responsibility.

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And wise stewardship of the
resources God has entrusted to you.

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If you are saving interest.

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You're doing a good job
of being a good steward.

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The other thing, and this one is massive.

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It helps you get freedom from your debt.

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The Bible reminds us in Proverbs
chapter 22, verse seven, the

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borrower is a slave to the lender.

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I think I've said that a million times.

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Now in my podcast.

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But it's so very true.

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Prepaying puts you on the fast
track to breaking those chains

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of debt and they are chains.

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Debt will hold you down.

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Now, I'm not saying that
debt is a bad thing.

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There are very good reasons to have debt.

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But you have to do it wisely.

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And what that does freedom from that
gives you more freedom and flexibility.

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You can be more generous.

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You can support missionaries,
you can support your church.

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You can support your family.

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Another Christian thing.

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It does it give you peace of mind?

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There's something truly liberating
about knowing your home is yours.

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I've had so many clients come in to me and
say, Ralph, guess what I did this year?

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What'd you do?

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I paid off my mortgage.

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And you can just see
the pride in their face.

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And I've had clients that have taken
my approach and they've taken a 30 year

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mortgage and paid it off in 10 years.

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Now, of course, they're not going
to do a $200 extra month, but

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has really not that much more.

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And you can save.

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Months and months and years
and thousands of dollars.

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And think about that
burden that it unleashes.

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It can give you peace of mind,
allowing you to focus on your faith.

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Your family.

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And other passions that God places in your
heart, because you don't have that saddle

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of that mortgage debt over your head.

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So let's ask the simple question.

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Is prepaying rate for you?

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It.

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I sound like a no brainer.

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But hold your horses folks.

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There are some things you need to consider
and everybody's situation is unique.

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So I'm going to put a plug in
here for my services right now.

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I'm happy to have a consultation with you.

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You can go to the ask Ralph podcast
site, that's askralphpodcast.com/store.

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You can schedule a consultation with me.

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You're going to pay a consultation fee,
but if I can save you $60,000, I think

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paying a consultation fee is worth it.

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But everybody's situation is different.

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So let's think about some considerations.

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So number one, financial goals.

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You might have other priorities
competing for your money, like

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building a strong Emergency fund.

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Or investing for retirement.

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So those are all things we
have to take into consideration

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for your individual situation.

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You also have to think
about your interest rate.

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There are people right now that have two
and 3% interest rates on their mortgages.

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Well, if you have a rock bottom
interest rate, the money saved by

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prepaying may be less significant.

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if you can earn.

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Money in the market or investments
or CD's right now, the truth is this.

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You can go out to the market and buy CDs,
know, and banks they're paying five, 6%.

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Well, if your mortgage is 2%.

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I'm not sure that prepaying is
all that beneficial for you.

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So that's something you need to talk with
a financial advisor, somebody like myself,

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and look at your individual circumstance.

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And what we're talking about
your life circumstances, are you

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facing major changes that require
more financial flexibility?

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holding off on prepayment right now,
by be wise, like if you've got a child

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that's going into college, maybe that
extra a hundred dollars that extra $200

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a month needs to go for that college.

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And I understand that, and
that's an individual thing.

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So I always try to give you action steps.

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So let's talk about some action steps.

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So, how do you figure out if
this is the right path for you?

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Here's your action plan.

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First thing you have to do.

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And I stress this.

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Talk about this in my book,
mastering your finances.

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The first chapter of my
book is all about budgeting.

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You can get that book again at my
website, askralphpodcast.com/store.

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So you do a budget check and see how
much extra you could realistically put

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towards your mortgage each month without
derailing your other essential expenses.

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So if you say Ralph, I can
put $300 extra a month.

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Well then do it.

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We just looked at two examples where.

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An extra hundred dollars
a month saved you $37,000.

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And an extra $200 saved over $61,000.

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If you can find that in your
budget to do it, then do it.

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But, all of this goes along
with seeking guidance, talk to

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a qualified financial advisor.

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Who understands your goals and can
assess your total financial picture.

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you may have to pay for that service.

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Guess what folks.

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You get what you pay for in life.

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If someone can save you thousands of
dollars, then by all means, sit down

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with them, have a consultation with
them, have a consultation with me.

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I don't care where you live.

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Zoom has opened up the doors that I
can talk to people all over the world.

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And I do talk to people
all over the world.

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I have saved people.

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Thousands of dollars on their
mortgage by making an extra $50,

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$200, $300 a month in payments.

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And then you have to do the math.

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And that's what I would do.

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If I sat down with you.

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Explore those online mortgage
prepayment calculators.

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Hey, in preparation for our meeting today.

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This is what I did.

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I went online and I said, okay,
give me the average $200,000 home.

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What's the 30 year
fixed rate, 5% mortgage.

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And what if I pay an extra a hundred?

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What if I pay an extra 200?

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There's things are all out there.

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Folks are just there for you.

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To take a look at.

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So let's talk about what
we've talked about today.

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we talked about the benefits
of prepaying your mortgage.

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We talked about how much
interest that can save you.

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We talked about how much time that can
save you over the life of the loan.

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We talked about the Christian stewardship
portion to that, and that peace of mind,

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knowing that your home is paid for.

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Friends prepaying your mortgage can
be a fantastic strategy to save money.

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Paying off your home sooner and
taking control of your finances is a

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way that honors biblical principles.

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However, remember this.

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It's not about rushing into anything.

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You got to do your research.

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Consider your individual situation
and maybe even pray about it.

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Hey, always take your
petitions to God in prayer.

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He will give you direction and guidance
and maybe he'll put people in your life.

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Maybe I'm that person in your life.

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If I've impacted you on this
podcast, please do me a favor.

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Share it with somebody.

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If you know, somebody that's
struggling with their finances, do me

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00:11:13,418 --> 00:11:15,638
a favor, share my podcasts with them.

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My goal is to reach people.

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If I can help one person.

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then I feel like I've done my job.

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I feel like I've done what
God sent me here to do.

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And if prepaying aligns with your
financial goals and values, prepaying

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00:11:27,188 --> 00:11:30,788
might just be the key to unlocking
financial freedom and living a

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life filled with greater purpose.

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And isn't that what
we're all trying to do.

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We're trying to get to what
God has for us in our purpose.

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And that's a wrap folks.

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Hope this episode has inspired you to
take a closer look at your mortgage.

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And how prepaying could
benefit your financial journey.

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Remember to check out our podcast page?

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00:11:47,128 --> 00:11:48,638
I think I've mentioned it five times now.

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That's at askralphpodcast.com
while you're there, I encourage

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you to join our email list.

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00:11:54,758 --> 00:11:57,698
Every week, we're giving away
an Amazon gift card for $25.

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00:11:57,698 --> 00:11:59,678
So you don't want to miss that
and share that with friends

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00:11:59,678 --> 00:12:00,818
so They can sign up as well.

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00:12:01,418 --> 00:12:05,768
So until next time, as I always
say, Stay financially savvy.

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Find financial freedom and God bless you.

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Abundantly.