Good Post here about paying down your mortgage faster. Even if your lender doesn’t offer bi-weekly payments, you can still make additional payments towards your principal – just by sending in extra with your normal monthly payment…
It’s no secret that paying off your mortgage before the loan term is up can save you some big bucks. Putting a little extra money toward your principle each month can really add up, saving you thousands over the life of your repayment. Don’t believe me? Check out this chart from Zillow.com, which shows the difference between paying your mortgage bi-weekly vs. monthly:
That’s right, you’d shave FOUR YEARS worth of payments!! That’s a HUGE savings!!
I know that not everyone can make bi-weekly payments on their mortgage, but consider putting down any extra money you can – and the key phrase here is “if you can.” Here are some questions to ask yourself before deciding to put your cash toward a quicker mortgage repayment:
- Does your employer match any retirement funds you save?
- Do you have any debt other than your mortgage?
- Do you have at least 24…
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