The Power of an Extra Mortgage Payment
You have a 30-year mortgage… but does it really have to take 30 years to pay it off?
Maybe not! 👀
Putting a little extra cash toward the actual loan balance (called principal) can help you pay down your mortgage faster.
Over time, this could mean:
Paying off your mortgage sooner
Paying less interest
Keeping more money in your pocket
And you don’t have to make one huge payment
Depending on your budget, you could put a little extra toward your mortgage:
Every month • Twice a year • Once a year
Even smaller amounts can add up over time.
But here’s an important step!
If you make an extra payment, make sure it’s being applied toward your principal.
Your mortgage company may have a specific way to request this.
You can call your mortgage servicer or check your online account and ask:
“How do I make an extra payment specifically toward my principal?”
Don’t assume an extra payment will automatically be applied the way you intended;
confirm with your mortgage company first.
Want to see what a little extra could do?
Try my Extra Mortgage Payment Calculator using your own mortgage numbers.
You can compare paying extra every month, twice a year, or once a year and see approximately how much sooner you could pay off your mortgage and how much interest you could save🏡
Until the next one,
Claudia
For educational purposes only. Results vary by loan and mortgage servicer. Contact your mortgage servicer for instructions on making principal-only payments and to confirm how additional payments will be applied. 