Big Interest Savings: Available to Anyone

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Paying regular additional payments on the principal will yield huge returns. You can pay against principal in various ways. Making 1 additional payment one time per year is probably the easiest to keep track of. If you can't afford to pay an additional whole payment all at once, you can split that large amount into 12 smaller payments and pay that additional amount monthly. Another option is to pay a half payment every two weeks. The result is you make one additional monthly payment in a year. Each option produces slightly different results, but they will all significantly shorten the length of your mortgage and lower your total interest paid.

Additional One-time payment

Some folks just can't make any extra payments. But you should remember that most mortgage contracts allow you to make additional principal payments at any time. Whenever you get some unexpected cash, you can use this rule to make a one-time additional payment on principal. For example: a few years after moving into your home, you get a very large tax refund,a very large inheritance, or a non-taxable cash gift; , investing several thousand dollars into your mortgage principal will reduce the repayment duration of your loan and save enormously on interest paid over the life of the mortgage loan. For most loans, even a modest amount, paid early in the loan period, could offer big savings in interest and length of the loan.

Mason McDuffie Mortgage can walk you Mason McDuffie Mortgage has your mortgage answers. Call us at (925) 271-7387.