5 Part-time Jobs to Help Pay Off Your Mortgage
Inflation has been running rampant and driving up the cost of living substantially.
From higher gas prices to increases in food costs and everything in between, many homeowners are looking for ways to pay off their mortgages faster.
One way to accomplish this is by taking on a second part-time job.
While having an extra job can be exhausting, it can also provide some financial relief and reduce your stress when it comes to paying off your mortgage.
In this article, we’ll look at five part-time jobs that you can use to help pay off your mortgage quicker.
These jobs offer flexible hours, opportunities working from home, and great pay, so you can make the most of your time and money!
1. Medical Assistant
A part-time job as a Medical Assistant is an excellent way to supplement your income and help pay off your mortgage.
In fact, there are over 7,000 medical assistants in Utah with an expected 23% growth through 2024 according to medical-assistant.us
Medical Assistants responsibilities include providing administrative, clinical, and laboratory support for physicians, nurses, and other healthcare professionals.
They often perform tasks such as scheduling appointments, taking patient histories, drawing blood samples, managing medical records, conducting lab tests, and helping with patient care.
Working as a Medical Assistant will not only help you make extra money to pay off your mortgage faster but also gain valuable experience in the healthcare field.
2. Private Tutoring
Private tutoring is a great way to make extra money while you're paying off your mortgage.
Often times you can work from home and provide the tutoring through a video conference or online platform.
As a private tutor, you can help students in a variety of subjects, depending on your qualifications and experience.
Tutors can work with individual students or small groups, providing one-on-one instruction and support in areas such as math, science, language arts, history, or other school subjects.
Private tutoring provides flexible hours and the opportunity to focus on the topics that interest you most.
This job will give you an excellent opportunity to use your skills while helping others and putting some extra cash toward paying off your mortgage.
You can give superprof.com a try for finding tutoring clients in Utah.
3. Physical Therapist Assistant
A part-time job as a Physical Therapist Assistant (PTA) is a great way to supplement your income while helping those in need.
Physical therapist assistants in Utah are earning over $40k annually on average.
As a PTA, you would work under the supervision of a licensed physical therapist to provide treatment plans and assist with therapeutic exercises.
You may also help patients with day-to-day activities such as gait training, balance skills, and range of motion exercises.
Physical Therapist Assistants have flexible hours and can often make good money depending on their experience and qualifications.
This job is perfect for anyone looking to help individuals recover from injuries or illnesses while earning extra money to pay off their mortgage.
4. Medical Billing and Coding
Working as a Medical Biller and Coder is an excellent way to make extra money while paying off your mortgage.
You can work from home in this position and set your own hours making it very flexible.
As a Medical Biller and Coder, you would be responsible for entering patient data into medical billing software, interpreting codes for insurance claims, and submitting patient information to insurance companies.
This job requires strong attention to detail and accuracy, which can help you make good money while providing valuable services to healthcare organizations.
With flexible hours and great pay, becoming a Medical Biller and Coder is a great way to supplement your income while paying off your mortgage.
5. Customer Service Representative
Taking up a part-time gig as a customer service representative can be a fantastic opportunity to boost your earnings and make significant progress in paying off your mortgage.
This job allows for working from home and depending on the company you may be able to set your own schedule.
Customer service reps are responsible for responding to customer inquiries and complaints, providing product information, and resolving any issues that come up. Being successful at this job entails having strong communication skills, patience, and the ability to think quickly and adapt.
With flexible hours, the ability to work from home, many open positions and competitive pay, becoming a customer service representative is a really good way to supplement your income while paying off your mortgage.
Should You Pay Off Mortgage Early?
Paying off your mortgage early has many advantages, and it starts with understanding how your payments are split between principal and interest.
Most of your payment during the first few years goes towards interest. Gradually as you pay off more of the principal, a larger percentage of your payment goes toward it, reducing the amount of interest you have to pay over the life of your loan.
By making additional payments directly towards the principal balance on top of regular payments, you can reduce the total amount of money you have to pay in interest before it accrues.
The longer you have left on your mortgage, the more substantial this effect will be.
This is why it’s important to make extra payments whenever possible if you want to save money in the long run and eventually own your home outright.
You can use a mortgage calculator like this one to calculate the exact savings from paying off your mortgage.
Pros of Paying Off Mortgage Early
- Freedom from monthly mortgage payments
- Increased funds for home improvements, investments, or savings
- Savings on interest rates and building more equity by paying off the mortgage early
- Access to quick cash during emergencies through increased home equity
- Peace of mind from owning a home outright and no longer worrying about monthly payments
- More control over finances and potential tax breaks from paid-off loan interest
- Opportunity to build up more equity in the property
Cons of Paying Off Mortgage Early
- Loss of mortgage interest tax deduction if you itemize deductions
- Potential prepayment penalties imposed by lenders for early loan repayment
- Money used for extra mortgage payments cannot be utilized for other investments
- Loans tie up a portion of wealth in an illiquid asset
Conclusion
Clearly there are many benefits to paying off your mortgage early.
And a part-time job can help you do exactly that.
By earning some extra income and putting it towards paying down your principal on your mortgage loan, you can save tens of thousands of dollars over the life of your loan and pay off your mortgage much quicker.
Hopefully, these 5 part-time jobs gave you some ideas for starting to earn extra income.
Whatever you decide to do, good luck paying off your mortgage faster with a part-time job.
