Did you know that by making one extra mortgage payment per year — either in one lump sum or divided into twelve months — you can reduce a 30-yr. loan term by up to 7 years and save thousands (maybe tens of thousands) of dollars in interest over the life of the loan? It’s true.
To find out how much you could save, go to www.BankRate.com and choose the Amortization Schedule Calculator. If you can’t afford to make a whole extra payment, you can still save big by adding just a few extra dollars per month or by splitting your payment in half and paying twice a month. Call your lender to ask for details and other options.
Posted by Alice Kuder on 2/24/14