PRO TIP: Make One Extra Mortgage Payment Every Year
Does your head spin when you think “a mortization schedule” and the date of your “final mortgage payment?”
Did you know that you can shorten your mortgage term by 8 YEARS by paying an extra mortgage payment every year, or just $100 more per month of the principle? This could help you remove Mortgage Insurance (PMI) even faster, with increased equity.
Just be sure to ask if your mortgage lender charges any pre-payment penalties: they were counting on you to pay interest for a full 15-30 years!