HOME REAL ESTATE GLOSSARY BUY LOAN APPLICATION PAST WORK CONTACT US FAQ   Save on your Mortgage Loan Paying consistent extra payments on the principal balance will provide huge returns. People use different methods to meet this goal. For many people,Perhaps the simplest way to organize this process is to make 1 additional mortgage payment a year. If you can't afford to pay an additional whole payment in one month, you can split that large amount into 12 smaller payments and pay that additional amount monthly. Another popular option is to pay half of your payment every other week. The result is you will make one additional monthly payment every year. Each of these options produces slightly different results, but each will significantly reduce the duration of your mortgage and lower your total interest paid. Lump-sum Additional Payment It may not be possible for you to pay more every month or even every year. But you should remember that most mortgages allow you to make additional payments at any time. Any time you come into unexpected cash, consider using this provision to make a one-time additional payment toward your mortgage principal. If, for example, you were to receive a surprise windfall four years into your mortgage, investing a few thousand dollars into your home's principal can significantly shorten the period of your loan and save enormously on interest over the duration of the loan. Unless the loan is quite large, even modest amounts applied early in the loan period can produce huge benefits over the duration of the loan. Amortgage.com can walk you Amortgage.com has your mortgage answers. Give us a call at 7814920796. Portions Copyright © 2021 Pipeline ROI, LLC Another website by Pipeline ROI Terms of Use Site Map This website uses cookies to ensure you get the best experience on our website Got it