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Paying consistent extra payments toward your principal yields enormous returns. People employ various techniques to accomplish this goal. For many people,Perhaps the easiest way to organize this process is to make 1 additional mortgage payment every year. Of course, many people won't be able to pull off such a large extra payment, so splitting an additional payment into 12 additional monthly payments works as well. Another option is to pay a half payment every two weeks. The effect here is that you make one additional monthly payment each year. These options differ slightly in reducing the total interest paid and shortening payback length, but each will significantly reduce the duration of your mortgage and lower the total interest you will pay over the duration of the loan.

Additional One-time payment

Some folks just can't make any extra payments. But it's important to note that most mortgages will allow additional principal payments at any time. Any time you get some extra cash, consider using this provision to pay a one-time additional payment toward mortgage principal.

Here's an example: a few years after buying your home, you receive a larger than expected tax refund,a large inheritance, or a cash gift; , you could apply this money toward your mortgage loan principal, resulting in huge savings and a shorter loan period. Unless the mortgage loan is quite large, even a few thousand dollars applied early in the loan period can yield huge benefits over the duration of the loan.

Bonnie Andrews can answer questions about these interest savings and many others. Call us at 901-674-8593.

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