Huge Savings on Interest: Available to Anyone

Paying regular additional payments on your principal balance can yield singificant savings. Borrowers pay more on principal by employing various techniques. For many people,Perhaps the easiest way to organize this process is to make 1 additional mortgage payment a year. If you can't afford to pay an extra whole payment all at once, you can split that large amount into 12 smaller payments and pay that additional amount monthly. Finally, you can pay a half payment every other week. Each option yields different results, but they will all significantly reduce the duration of your mortgage and lower your total interest paid.

Additional One-time payment

Some folks just can't make extra payments. But you should remember that most mortgage contracts allow additional principal payments at any time. You can take advantage of this rule to pay extra on your mortgage principal when you come into extra money.

If, for example, you were to receive a large gift or tax refund just a few years into your mortgage, you could pay this money toward your mortgage loan principal, which would result in enormous savings and a shortened loan period. For most loans, even this modest amount, paid early enough in the mortgage, could offer huge savings in interest and in the length of the loan.

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