Finances & Money

How To Pay Off Your Mortgage In 5 Years – From A Mortgage Expert

There is some debate among mortgage professionals about the most efficient way to pay off your mortgage in 5 years. Is it getting a 15 year mortgage instead of a 30? Is it making an extra payment or so along the way?

What if I told you it was neither? Now, don’t get me wrong, both options will help you pay your home off faster of course, however, we want to pay your home off in 5 years.

In this post, I am going to clear things up once and for all on the fastest way to pay your home off in 5 years, and it is backed up by math. Once you are finished with this article, you can use our heloc calculator
to find out how quickly you can pay your home off.

Before I go on I want to tell you that I have been in the mortgage business for sixteen years, and have processed thousands of mortgages. I didn’t want you to think I was just some random guy writing a blog post.

To start paying your home off early, you don’t want to get a mortgage at all. You want to start with a home equity line of credit or heloc for short to replace your entire mortgage.

There are several reasons why, but one of the biggest is that it is an open ended loan. Money can move in and out, unlike a mortgage where once you put money in, you can’t get it out.

Here is a video of me explaining the concept of using a heloc to pay your home off early.

On heloc’s, the interest is charged on the average daily or monthly balance, so the lower your balance, the less interest you pay versus a mortgage where it is set from the beginning.

The Pink Elephant In The Room

Now that you know the basics of a heloc, and how you can put all of your money into the heloc to drive the balance down, you might be asking yourself, “Why is this not more popular?”

To be blunt, it comes down to greed and lack of information.

You see, the banks make a fortune on mortgages. Just look at your total interest paid on your mortgage documents that you signed, and you can clearly see that. Banks would much rather sell a mortgage than a heloc, so they don’t educate their staff on them, yet they have helco’s as products that they sell to consumers.

Don’t believe me? Want an example?

Here is a video of me calling a top mortgage expert at a $13 billion dollar mortgage company who had no idea you could even do this.

Shocking right? The last part was funny wasn’t it?

You can see that even the experts where you are getting your information from know the math doesn’t lie. While you can put all your money in a mortgage, you would be left with nothing to pay your bills. However, with a heloc, you can do just that, use all of your money to make it work for you.

There you have it – you just learned how to pay your mortgage off in five years. And if you start applying what you learned immediately, it won’t be long before you will be saving thousands of dollars in interest payments, and stop making the banks richer.

However, before you apply for a heloc, let me warn you since I have helped thousands of homeowners go through this process: Your loan officer might try and talk you out of it, mostly because of lack of education, but also greed. They would only make about $250 commission on a heloc instead of a few thousand dollars on a mortgage. Always follow the money.

Get started by using a heloc calculator to run your numbers. You’re going to love knowing that you will save literally thousands of dollars in interest payments using this method.

The only problem you will have 5 years from now is which investment opportunity you take advantage of now that you have a paid off home, and more money in your pocket.

Michael Lush is the co-author of the best selling book titled, Replace Your Mortgage: How To Pay Off Your Home In 5-7 Years On Your Current Income which you can download for free at

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Susan Paige

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