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Making consistent extra payments on the principal balance yields huge returns. You can do this in several ways. Making one additional full payment once every year is likely the easiest to arrange. If you can't afford to pay an extra whole payment in one month, you can divide that payment by 12 and write a check for that additional amount monthly. Another option is to pay a half payment every two weeks. The effect here is that you will make one extra monthly payment each year. Each option yields different results, but they will all significantly shorten the length of your mortgage and lower your total interest paid.

Lump Sum Extra Payment

Some folks just can't make extra payments. But remember that most mortgage contracts will allow you to make additional principal payments at any time. Whenever you get some unexpected cash, consider using this rule to make a one-time additional payment toward your principal.

For example: five years after buying your home, you get a very large tax refund,a very large legacy, or a cash gift; , you could pay a portion of this windfall toward your loan principal, which would result in significant savings and a shortened loan period. Unless the mortgage loan is quite large, even a few thousand dollars applied early can yield huge benefits over the duration of the loan.

Gilligan Financial can walk you Gilligan Financial can answer questions about these interest savings and many others. Give us a call: 7075458183.