Big Interest Savings: Available to Anyone with a Mortgage

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Paying consistent additional payments on your principal yields big returns. Borrowers can pay extra on principal in various ways. Making 1 extra full payment one time every year is probably the easiest to keep track of. But many folks can't swing such a large additional expense, so dividing an additional payment into 12 additional monthly payments works too. Finally, you can pay a half payment every two weeks. These options differ a little in lowering the final payback amount and reducing payback length, but they will all significantly shorten the duration of your mortgage and lower the total interest paid over the duration of the loan.

Additional One-time payment

Some folks can't manage extra payments. Keep in mind that most mortgages will permit you to pay extra on your principal at any time. Any time you get some extra money, consider using this rule to pay a one-time additional payment toward your mortgage principal. For example: five years after buying your home, you receive a very large tax refund,a large legacy, or a non-taxable cash gift; , you could apply a portion of this money toward your mortgage loan principal, which would result in huge savings and a shorter loan period. Unless the loan is very large, even modest amounts applied early can produce huge savings over the life of the loan.

McCormick & Co can walk you McCormick & Co has your mortgage answers. Call us: 7075261700.