Find out how much interest you can save by paying an additional amount with your mortgage payment. The additional amount will reduce the principal on your.
Paying off your mortgage early is a safe investment. Here are four ways to do it.
My question deals with the wisdom of paying your mortgage principal early. For example, say your mortgage payment is comprising $100 toward the principal and $900 in interest. Your interest payments are based on your outstanding loan balance, not on your monthly principal. The amortization for this payment is: Now, I'm not clear from your description if your brother is planning to pay off double what the original amortization table would indicate, or double what that month's principal would have been given that he already paid off more than he was expected toso let me do double principal mortgage payment. Live within the budget for six months before you send in extra payments. The Card Shark Blog. Click "Show Amortization Schedule. The mortgage statement also has a field that tells how much of the payment is best symbol of love towards interest and how much is going towards principal. Start here for a quick overview of the site.