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Monthly Mortgage Payment
Debt can be stressful. Even if that debt was incurred to buy your dream home. Twenty or thirty years can seem like forever when you write that big check every month. But there is a way to pay off your mortgage a little quicker. Just pay a little extra at some point. There are a few options and it only take a few minutes online to research how to add principal payments to your mortgage in order to reduce the term of the loan.
First, search online for a mortgage payoff calculator before you talk to your lending institution. It’s similar to a mortgage calculator, but differs in that it’s specifically designed to calculate payoff of a current loan, not estimate how much you can borrow. You input your initial mortgage amount, current interest rate, term, remaining principal and what you’d like to pay extra each month. It then calculates how that amount will change the remaining number of payments and what amount can be saved in interest.
There are several ways you can make that extra payment. One popular way is to pay half your mortgage every other week. Those 26 ‘half payments’ add up to thirteen payments by the end of the year. You could pay a little extra each month or save throughout the year and pay a lump sum at the end or beginning of the year.
If you’re skeptical, consult a professional and do the math. Numbers don’t lie, right? For example, an extra $200 per month on a 30-year, $100,000 mortgage at 6% can shave off seventy monthly payments and nearly $16,000 in interest. That’s almost six years with no mortgage payment. Think of what you can do with that money and it’s as simple as saving the money and writing the check.
As you can see above your monthly mortgage payment is very important because there's so many ways to save money. Start out with my free interest calculator to figure out your monthly payment and what you want it to be. Then start your savings! | 
