5 Steps to Pay Off $350,000 in 7 - 10 Years You may be able to pay off your debt in much less time than you expect

If you’ve been following the housing market recently, you’ll know that interest rates are ultra-low and prices are ultra-high.

The truth is, Americans are buying up homes for hundreds of thousands above asking price before those homes even hit the market.

So, you’re probably eager to get your foot in the door before interest rates rise. But not so fast! Even with a low-interest rate, your mortgage interest rate will take a massive chunk out of your savings—and high prices only increase that chunk.

So, if you’re wondering how you can pay off your mortgage in as little as 7 - 10 years, keep reading! Less time paying off your mortgage means more money in your pocket if you know how to make your payments wisely…

The Problem with “Low Interest” Whether you’re going to spend $100,000 or 1,00,000,000 on your mortgage, one thing remains true for any mortgage amount: You’re going to pay a lot in interest over the course of your loan term. Let’s say you’re taking on a 30-year, $350,000 loan—the near median cost of a home in 2021.

Even with a relatively low 3.25% interest rate, you’ll pay a whopping $141,526 on top of your $350,000 loan principal. That’s not even including taxes and insurance! The key to cutting down that interest is cutting down the time you’re paying off your debt. So, how can you do it in just 7 - 10 years?

1 . Set Your Budget

The key to paying off your mortgage in less time is setting a budget and sticking to it no matter what.

Of course, that’s a little easier said than done.

So, you’ll need to be strict with your spending, and you’ll probably need to have some cash saved up. The 28/36 rule is a good place to start. It states that…

• 28% (or less) of your pre-tax budget should go to housing expenses (principal, interest, taxes, insurance)

• 36% or less of your pre-tax budget should go to all of your debts, including your house payment, credit cards, student loans, and car payments.

For example, if you pay $1,500 for your mortgage, and your monthly income is $5,000, your ratio will be 0.3 (30%). That means you’re in good shape budget-wise.

Still, it’s better to be safe than sorry—you never know what life will throw at you. So, consider building an emergency fund or keeping some cash tied up in long-term investments in case you need it.

2 . Set Your Timeline

Keep your budget in mind! You’ll need to know how much you can reasonably spend (with cash to spare) before you set a timeline.

The last thing you need is to go further into debt because you tried to pay it off too quickly.

Naturally, setting a tight timeline means making higher payments. Remember our previous scenario?

Let’s say you’re able to pay it off in 10 years instead of 30. Your monthly payment is now $3,032, but you’ll pay $48,338 in interest instead of $141,526!

That’s a lot of money staying in your pocket—if you can afford the monthly payment.

Another option your lender may offer is a bi-weekly payment. So, instead of paying once a month, you’ll pay twice a week.

This method can shave years off your mortgage, but look out for extra fees! Your lender should never try to charge you extra for switching to a bi-weekly program.

With your timeline set, we can move on to making some extra money for your mortgage payments…

3. Increase Your Income

We get it—if increasing your income was easy you wouldn’t have to worry about a mortgage.

But if you’re looking to shave years (and tens of thousands of dollars) off your mortgage, it might be time to look into a side hustle.

There’s the basic stuff—having a yard sale, selling off the possessions you don’t need. But that’s not a steady second gig. So consider…

  • • Driving for Uber/Lyft
  • • Using your skills to freelance
  • • Dog sitting/walking dogs
  • • Working from home at a part-time job


These are just some general ideas. The point is, using your skills to make some extra money in the short term can help you save big in the long term.

4. Reduce Your Spending

Like increasing your income, there are plenty of ways to reduce your daily spending—it’s up to you to be creative with it.

Here are a few options for cutting back on your spending:

• Fix, don’t buy: You’ll be surprised how much you save on buying new clothes, appliances, electronics, etc. if you learn how to fix them yourself.

• Don’t go out to eat: This could save you hundreds of dollars each month, even if you still go out once or twice a week.

• Set a grocery budget: It’s easy to overspend at the

• Reduce your credit card spending: Credit cards are an easy way to waste a lot of money. Stick to your debit card, stash your credit card, and remove that automatic card info from your favorite online stores. You’ll be glad you did!

5 . Enjoy a Debt-Free Future…

Picture this:

You’ve carefully followed all the steps we mentioned earlier. You set your budget and timeline, and you save and spend wisely.

And you micromanage that budget for hours every day!

Sounds pretty good, right?

Of course not. The truth is, you can pay off $350,000 on your own, but it’s going to take a lot of time.

You’ll have to track your expenses, bills, and payments. And you’ll need to update those amounts constantly to keep up with your mortgage payments.

So, what if there was a program that could do all of that for you?

Well, as a matter of fact, there is…

Your Personal Accountant, 24/7

Money Max is like having a personal accountant working for you around the clock…

More like a team of accountants, working 24/7, 365 to pay off every single outstanding debt you owe.

That’s the value of the Money Max Account—you don’t have to think about your budget every hour of every day.

You input your expenses, payments, and debts, and the advanced banking software behind Money Max takes care of the rest!

And the best part? Money Max can help you pay off your debts in as little as 7 - 10 years, without the guesswork of doing it on your own.

Not to mention, you don’t have to make any changes to your current lifestyle!

Still not convinced?

You’ll be glad to learn the Money Max Account has already helped homeowners nationwide eliminate $2 BILLION in debt payments.

So, don’t spend another day worrying about DEBT.

With the Money Max Account going to work for you, a debt-free future is right in front of you.

All that’s left to do is take it.

Questions? We’ve got answers. Visit our homepage to learn more about this extraordinary program or CALL NOW to get started.

Interested In The Money Max Account?

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D'Metrid James Independent Agent Phone: 623-323-9369 Email: dmetridjamesfinancial@gmail.com
D'Metrid James
Independent Agent