Big Interest Savings: Available to Anyone

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Paying consistent additional payments toward your loan principal provides significant returns. People pay extra in a few ways. Paying 1 extra payment one time every year is likely the simplest to arrange. But some people can't pull off such an enormous additional expense, so splitting a single additional payment into twelve extra monthly payments is a fine option too. Finally, you can commit to paying a half payment every two weeks. Each of these options produces different results, but they will all significantly shorten the length of your mortgage and lower the total interest you will pay over the life of the loan.

One-time Additional Payment

Some people just can't make extra payments. But remember that most mortgage contracts will allow additional principal payments at any time. Any time you get some extra cash, you can use this provision to pay a one-time additional payment on your mortgage principal.

For example: a few years after buying your home, you get a huge tax refund,a very large legacy, or a non-taxable cash gift; , you could apply a portion of this windfall toward your loan principal, resulting in enormous savings and a shorter loan period. For most loans, even this relatively small amount, paid early in the loan period, could offer huge savings in interest and in the duration of the loan.

Front Range Mortgage LLC can walk you Front Range Mortgage LLC has your mortgage answers. Call us: (303) 524-9907.