Paying one additional mortgage payment each year, whether in a lump sum or monthly increments can lower a 30-year loan down to 18 years.
If you pay more than one extra payment, the number of years will decrease even more. Since this additional payment will be applied only to the principal and not the interest, you end up saving
thousands and thousands of dollars once the home is paid off.
If you are budget conscious then home-equity loans will provide even greater savings.
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