Huge Interest Savings: Available to Anyone

Paying regular extra payments toward the principal yields big savings. People use different methods to meet this goal. Paying 1 additional full payment once per year is likely the easiest to keep track of. If you can't pay an additional whole payment in one month, you can divide that payment by 12 and write a check for that additional amount monthly. Finally, you can pay a half payment every other week. Each option produces different results, but each will significantly reduce the length of your mortgage and lower your total interest paid.

Lump Sum Extra Payment

Some people just can't make extra payments. But you should remember that most mortgages allow additional principal payments at any time. You can benefit from this rule to pay down your mortgage principal when you get some extra money.

For example: several years after moving into your home, you get a larger than expected tax refund,a very large inheritance, or a cash gift; , you could pay a portion of this windfall toward your mortgage loan principal, resulting in enormous savings and a shortened loan period. Unless the loan is very large, even a few thousand dollars applied early can produce huge benefits over the duration of the loan.

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