Many fixed-rate mortgages have been set for 30 years. That is, the home will be owned by you . If you would like to decrease the amount of interest you pay over the life of your mortgage, then you need to pay off your mortgage sooner. You can really pay your home mortgage in half the time by paying more every month. In this manner, you will cut the amount you need to pay in interest. You save money and can have your home sooner.
Ask your lender for an amortization program. This document breaks to interest and principal so that you could see exactly where your money goes.
Write out a check for your regular monthly mortgage payment that’s due. Compose an additional check for another month’s payment, but only for the part.
Write this on the payment coupon for the second check:”Extra Principal Payment for the month of…” Make copies for your own records.
Mail both assesses and payment coupons to your lender at precisely the same time, then repeat the procedure in every succeeding month until you have reduce the total amount of time you want to pay your mortgage by half an hour.
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