Mortgage Pay Off Early

Use an Amortization Schedule to Track Your Savings

Looking at the Numbers with an Amortization Schedule The easiest way of seeing the monthly breakdown of your loan is by using an AMORTIZATION SCHEDULE. What is an amortization schedule? An Amortization schedule is a statement that shows the monthly allocation of principal and interest and also shows the remaining balance of your loan. Below is [...]

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How To Save Money On Mortgage Interest Charges

Plan 1: Using the Half Time Payment Plan In the previous example, you see that each month as the loan balance goes down, the interest charge also goes down, but very slowly. Using the previous example you see that most of your monthly payment goes towards the interest until payment number 223. READ THAT AGAIN—after making [...]

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The Correct Way To Send In Your Prepayment

Most lenders already have a space on the payment coupon (or stub) you will send in each month with your payment for additional payments towards principal. If that’s the case, just fill in the amount that you want to add that month and enclose it along with your payment. If your coupon does not have [...]

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Your next step

It is to be hoped that this site clarifies many of the questions and myths about prepaying a mortgage. We have shown you several ways to save thousands even tens of thousands of dollars on your mortgage. The advantage of these plans is the simplicity in which you can use it. To achieve these savings [...]

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