From the video
Where Should Your $2,402 Mortgage Payment Go Next?
What the video covers
When the last mortgage payment clears, $2,401.86 a month stops leaving your account, and nobody sends a letter about what to do with it. The video works through four moves, in order.
Keep the payment going on the same day into savings for twelve months, which is $28,822. Set aside six months of fixed costs in cash, $14,411 on the video's numbers. Send the rest to a broad investment every month on the same date. Then change nothing else in your budget for twenty years.
Set the transfer up before your last payment clears so there is never a gap, and watch for your escrow refund: the servicer has 20 business days to return it. If you carry a high-rate balance, like a card at 22%, pay that first.
Run your own numbers in the free mortgage payoff calculator →
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