[usconservative]

Do yourself a favor: Pay it off as quickly as you can and stop paying interest to the bank.

Tricks such as twice monthly payments (splitting your mortgage payment in half, making two payments a month) helps accelerate payoff and saves you money. So does making one extra payment a year, provided you direct that payment to cover principal with your mortgage holder.

On a typical 30 year mortgage, making one extra payment a year (directed towards principal) cuts the mortgage term to 21 years until pay-off.

[Mears]

“On a typical 30 year mortgage, making one extra payment a year (directed towards principal) cuts the mortgage term to 21 years until pay-off.”
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I was give a 30 year mortgage and I was 75 years old-—pretty funny.This was before the bottom fell out of the market. I only financed 30% of the cost of my condo because I needed some cash on hand-—I finance nothing else.

Thanks for your good advice.

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