Date: 28/03/2024
Name:
Email: Keep my email address private
Reply:
**Your comments must be approved before they appear on the site.
Authentication:  
1 + 5 = ?: (Required)
Enter the correct answer to the math question.

  
clear
You are posting a comment about...
Ways to pay off your mortgage early

Each time you pay extra on your mortgage, more of each payment after that is applied to your principal balance. Here are some options for paying extra and examples of how extra payments will affect the average $220,000, 30-year mortgage with a 4% interest rate:

  • Make an extra house payment each quarter, and you’ll save $65,000 in interest and pay off your loan 11 years early.
  • Divide your payment by 12 and add that amount to each monthly payment or pay half of your payment every two weeks, also known as bi-weekly payments. You’ll make one extra payment each year, saving you $24,000 and shaving four years off your mortgage.
  • Round up your payments so you’re paying at least a few extra dollars a month.
  • Increase your payment when you get a raise or bonus.

Always check with your mortgage company before you make additional principal payments. Some companies will only accept extra payments at specific times, or they may charge prepayment penalties. And always make sure the additional money is applied to the principal and not next month’s payment.

sun mon tue wed thu fri sat
      1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31       
Home Finder
E-Mail:
Password:
What's the HOME FINDER?
Register now
Forgot your password?