Paying consistent extra payments toward the principal will provide singificant savings. You can pay more on principal by employing various techniques. Making 1 additional full payment once every year is probably the easiest 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 write a check for that additional amount monthly. Another popular option is to pay a half payment every other week. The effect here is that you make one additional monthly payment every year. These options differ a little in reducing the final payback amount and reducing payback length, but each will significantly shorten the duration of your mortgage and lower your total interest paid.
Some borrowers can't manage any extra payments. Remember that almost all mortgages will allow you to pay extra on your principal at any time. You can take advantage of this provision to pay extra on your principal any time you come into extra money. If, for example, you were to receive a large gift or tax refund three years into your mortgage, investing several thousand dollars into your home's principal can shorten the period of your loan and save a huge amount on mortgage interest over the duration of the loan. Unless the loan is quite large, even a few thousand dollars applied early can produce huge benefits over the duration of the loan.
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