Paying consistent extra payments on your loan principal will yield big returns. People accomplish this goal in a few different ways. Making 1 additional full payment one time every year is perhaps the simplest to arrange. If you can't pay an extra 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 half of your mortgage payment every two weeks. Each option yields different results, but they will all significantly reduce the length of your mortgage and lower your total interest paid.
It may not be possible for you to pay more every month or even every year. But it's important to note that most mortgage contracts allow you to make additional principal payments at any time. You can benefit from this rule to pay down your principal when you get some extra money. If, for example, you receive an unexpected windfall four years into your mortgage, you could pay a portion of this windfall toward your mortgage loan principal, which would result in significant savings and a shortened payback period. Unless the mortgage loan is quite large, even small amounts applied early can yield huge savings over the duration of the loan.
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