Paying consistent additional payments toward the loan principal will provide huge savings. People make this happen in a few ways. Making one extra full payment one time a year is perhaps the simplest to keep track of. If you can't pay an extra whole payment all at once, you can split that large amount into 12 smaller payments and pay that additional amount monthly. Another very popular option is to pay a half payment every two weeks. The effect here is that you will make one additional monthly payment each year. Each option yields different results, but each will significantly reduce the length of your mortgage and lower your total interest paid.
It may not be possible for you to pay down your principal every month or even every year. Keep in mind that virtually all mortgages will permit you to pay extra on your principal at any time. Any time you come into unexpected money, consider using this rule to make a one-time additional payment toward your mortgage principal. If, for example, you were to receive a very large gift or tax refund five years into your mortgage, you could apply a portion of this money toward your loan principal, resulting in huge savings and a shortened payback period. For most loans, even this modest amount, paid early in the mortgage, could offer huge savings in interest and length of the loan.
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