Many people make extra payments on their mortgage each year, in an effort to prepay their mortgage, or to pay it off before the end of the anticipated loan term. Prepaying your mortgage can save you thousands of dollars, and even small payments now can quickly add up to dramatically shorter total loan lengths.
There are several different ways you can prepay your mortgage loan:
* Paying bi-weekly instead of once a month
* Making an extra payment at the end of the year
* Rounding up your payment so you pay more than what’s due each month
* Making an additional lump sum payment
* Any combination of the above!
How much can I save by prepaying?
Since every loan is different, individual results will vary, but paying as little as…