Yerkes Upstate SC Blog

Pay Off Mortgage Early and Save Thousands of Dollars

Here's How To Pay Off Your Mortgage Loan In One Half Time or Less And Save Thousands of Dollars


The process is extremely easy, and yet a revelation to most home buyers, particularly when they realize that they can save more interest than 75% of the total loan amount.

Simply, it is merely adding the next month's principal payment to this month's regular payment, which in effect does two things to your mortgage loan:

#1 - Reduces the term by one month each time you add an extra principal payment, and

#2 - Ultimately saves an amount equal to the interest that you would have had to pay with the next regular payment, which in the early years of the mortgage may be eight times greater than the principal amount each month.

It must be noted however, that this process does not eliminate the necessity of making the next month's regular payment, but merely moves your next payment down the amortization schedule, one more line closer to the final payment.


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