Extra Payments Yield Huge Savings

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Paying regular additional payments on the principal balance yields big savings. You can pay extra on principal by employing various techniques. For many people,Perhaps the easiest way to keep track is to make 1 additional mortgage payment per year. But some people can't swing such a large extra payment, so dividing a single extra payment into twelve extra monthly payments is a great option too. Finally, you can commit to paying a half payment every other week. Each option yields slightly different results, but they will all significantly shorten the duration of your mortgage and lower your total interest paid.

Additional One-time payment

Some borrowers just can't make any extra payments. But it's important to note that most mortgages will allow you to make additional principal payments at any time. You can take advantage of this rule to pay extra on your mortgage principal any time you get some extra money.

For example: several years after moving into your home, you get a very large tax refund,a large legacy, or a cash gift; , paying several thousand dollars into your home's principal will shorten the repayment duration of your loan and save enormously on interest paid over the duration of the loan. For most loans, even this relatively modest amount, paid early enough in the loan period, could offer big savings in interest and in the duration of the loan.

Fairfax Mortgage Investments can walk you At Fairfax Mortgage Investments, we answer questions about interest-saving strategies almost every day. Call us: 703-385-6122 #236.