Huge Interest Savings: Available to Anyone with a Mortgage

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Making consistent additional payments toward the loan principal will provide huge savings. People make this happen in several ways. Making 1 extra payment one time per year may be the simplest to arrange. If you can't afford to pay an extra whole payment in one month, you can divide that payment by 12 and pay that additional amount monthly. Finally, you can commit to paying half of your mortgage payment every other week. Each of these options produces different results, but each will significantly shorten the length 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. Keep in mind that virtually all mortgage contracts will permit you to make additional payments to your principal at any time. Any time you come into extra cash, consider using this provision to make an additional one-time payment toward mortgage principal. Here's an example: several years after moving into 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 mortgage loan principal, resulting in significant savings and a shorter loan period. Unless the mortgage loan is very large, even modest amounts applied early in the loan period can yield huge savings over the life of the loan.

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