Paying an extra 200 a month on mortgage

On my 116000 mortgage paying an extra 200 per month put me on track to cutting my mortgage duration in half. Sometimes its good to make extra mortgage payments but not always says Kristi Sullivan of Sullivan Financial Planning in Denver Colorado.

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If you pay 200 extra a month towards principal you can cut your loan term by more than 8 years and reduce the interest paid by more than 44000.

. I am already stressed that I am paying a minimum of 200 extra per month compared to now. Assuming youve got a. Lets start with a simple scenario where you add just 10 a month in extra payment to principal.

For example paying an extra. And thats a long time to pay interest. Because 30 year mortgages are mostly interest.

If youre able to make 200 in extra principal payments each month you could shorten your mortgage term by eight years and save over 43000 in interest. Budget for an extra payment each year. Send extra money for the principal each month.

Paying extra is the cheap easy way to pay off your mortgage early. If you pay your mortgage every two weeks in half payments instead of once a month you will pay off your 30 year loan in 23 years and save 100000 dollars in interest that YOU get to keep. If you have a mortgage chances are its a 30-year loan.

My current mortgage ends in 3 months and I need to pick a new fixed product. For example if you have a 200000 mortgage with a 30-year loan term and a fixed interest rate of 39 and you pay an extra 200 per month you will not only save 43000 in. Another way to pay.

But even if you. What is the best way to pay off your mortgage. Another way to pay.

Adding an Extra Mortgage Payment of 10 Per Month. If you pay 200 extra a month towards principal you can cut your loan term by more than 8 years and reduce the interest paid by more than 44000. Paying extra on your mortgage Paying extra on your mortgage means that you make additional payments to your principal loan balance beyond your regular payments.

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