Chosen by Asker

You can accomplish the same thing by paying half your mortgage every two weeks. It really knocks down your principal.

by Mackenzie

6 months ago

Asker's Rating: 

You pay extra against the principal if the lender allows it, or both if they don't; either way, you can cut your term by a surprising amount of time...

by Mark- 6 months ago

Sounds about right, I do know that I figured it out once, that at the end of the 30 year mortgage. you pay as much interest as principal. give or take.

by Jason- 6 months ago

Correct. To play around with the numbers, look for sites that offer free use of their mortgage calculators. If you can find one that shows the full amortization schedule, you can see for yourself the difference it makes.

by Kevin- 6 months ago

pay extra principal throughout the year, like 50 bucks per payment that works out to about one extra montly payment per year. don't pay next months mortgage.

by reporter- 6 months ago