Save on your Mortgage

Making consistent extra payments toward the principal can yield huge returns. You can pay more on principal by employing various techniques. Paying 1 additional full payment one time per year is probably the easiest to arrange. If you can't pay an additional whole payment in one month, you can split that large amount into 12 smaller payments and write a check for that additional amount monthly. Finally, you can pay a half payment every other week. Each of these options produces different results, but each will significantly reduce the duration of your mortgage and lower your total interest paid.

Lump Sum Extra Payment

Some folks just can't make extra payments. But you should remember that most mortgages will allow you to make additional principal payments at any time. Whenever you get some extra cash, consider using this rule to make a one-time additional payment on mortgage principal.

For example: several years after buying your home, you get a larger than expected tax refund,a large legacy, or a non-taxable cash gift; , you could pay a portion of this windfall toward your loan principal, resulting in significant savings and a shorter loan period. For most loans, even a relatively small amount, paid early in the mortgage, could offer big savings in interest and length of the loan.

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