Save Big on your Mortgage

Making regular extra payments toward your principal balance will provide big savings. People accomplish this goal in several different ways. For many people,Perhaps the simplest way to keep track is by making one extra mortgage payment per year. If you can't afford to pay an extra whole payment in one month, you can split that large amount into 12 smaller payments and pay that additional amount monthly. Another popular option is to pay a half payment every other week. The effect here is that you will make one extra monthly payment in a year. These options differ a little in lowering the final payback amount and reducing payback length, but each will significantly shorten the duration of your mortgage and lower the total interest paid over the duration of the loan.

Lump-sum Additional Payment

It may not be possible for you to pay extra every month or even every year. Keep in mind that most mortgages will allow you to pay extra on your principal at any time. You can take advantage of this provision to pay extra on your mortgage principal any time you get some extra money.

Here's an example: five years after buying your home, you receive a larger than expected tax refund,a very large legacy, or a cash gift; , investing a few thousand dollars into your home's principal can significantly shorten the repayment period of your loan and save a huge amount on mortgage interest paid over the life of the mortgage loan. For most loans, even a relatively modest amount, paid early in the loan period, could offer huge savings in interest and in the length of the loan.

Augusta Mortgage Solutions can walk you Augusta Mortgage Solutions can answer questions about these interest savings and many others. Call us: 7068605514.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question
By checking the box, you agree that Augusta Mortgage Solutions may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.

Augusta Mortgage Solutions

NMLS#:148529 GA Residential Mortgage Licensee #18861

141 North Belair Road Suite 102 NMLS# 149807
Evans, GA 30809-7431