how much more should you pay on your principal per year for your mortgage to shorten your years
If you plan on early retirement or just donât want to be saddled with long-term payments, there are several techniques that you can use to shorten the term of your mortgage. Pay More Principal If you take out a $150,000 mortgage loan for 30 years at an interest rate of 6.25 percent, you will actually repay the lending institution over $330,000 over the life of the loan, including over $182,000 in interest alone.