Simple Ways to Save on Your Mortgage

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Here's a simple trick to reduce the repayment period of your mortgage and save thousands of dollars over the course of your loan: Make additional payments which are applied toward your principal. Borrowers can accomplish this using a few different techniques. For many people,Perhaps the easiest way to keep track is to make one additional payment every year. However, many folks won't be able to afford such an enormous extra payment, so splitting a single extra payment into 12 extra monthly payments works as well. Another popular option is to pay a half payment every other week. The result is you will make one additional monthly payment every year. These options differ slightly in reducing the final payback amount and reducing payback length, but they will all significantly reduce the duration of your mortgage and lower your total interest paid.

Lump Sum Extra Payment

Some borrowers can't manage any extra payments. But it's important to note that most mortgages allow you to make additional payments at any time. You can benefit from this rule to pay down your mortgage principal any time you come into extra money.

If, for example, you were to receive an unexpected windfall just a few years into your mortgage, you could apply a portion of this money toward your loan principal, which would result in enormous savings and a shortened loan period. For most loans, even a relatively small amount, paid early in the loan period, could offer big savings in interest and length of the loan.

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