Paying off your mortgage early can be a smart way to save money. You can eliminate the thousands of dollars you pay in interest by paying off your mortgage. Although you can do this in several ways, financial advisors have created a money merge account, a fast way to pay off your mortgage based on models from other countries such as England and Australia.

A money merge account works with your mortgage, an equity line of credit, and a software calculator to determine the fastest route to payoff your mortgage. Although a typical mortgage can take thirty years to payoff, a money merge account shows you how to pay off your mortgage in about ten years, depending on your financial situation. The system works by decreasing the mortgage balance each time that you deposit money into the MMA. With a lower balance, you will have less accrued interest. More money will go towards the principal balance of your mortgage, rather than the interest, so you can pay off your mortgage in a significantly shorter amount of time.

There are several advantages for using MMA. First, the software calculates all the variables of your income and bills. This gives you a personalized plan that becomes more efficient as you use and follow it. It also gives you more financial freedom. You can vary your income each month as well as the payment date, which is helpful if you have a commission based job or receive extra month from a bonus. You can also consolidate other debts using MMA. The mortgage interest rate is much lower than high interest rate credit cards, thus saving you more money. You can even monitor each debt separately, and set up a plan to be debt-free by a certain date. MMA also allows you to save for other purchases or for an emergency fund. Overall, it saves you money and allows you more financial freedom.

If you are considering an early mortgage payoff or have more questions about how a money merge account works, there are several experts at United First Financial that can help. They offer informative seminars across the country, or you can set up a personal interview and see how the program will work for you. Be sure to also research other options so you can be mortgage-free in the shortest amount of time.