Next months payment will be $100,000 minus $200 minus that fractional payment. You make your normal payment of $x plus add $200 to the principle payment. Say your mortgage is currently exactly $100,000. But wait, there’s more (thanks infomercials LOL) not only is your yearly balance $2400 less (actually slightly more coz your table mortgage principle goes down fractionally (very fractionally) each month, but you are paying less interest as well on the outstanding balance. That is miles faster than just leaving visit their website it as it is… and blowing the money of cappuchinos or whatever. ![]() Will $50 or $200 a month even make a dent? Are you kidding? If you add an extra $200 per month to the principle then over the course of a year you have lowered the principle amount by $2400. Your young age is also on your side ? Get a printout of the amortization schedule for your specific loan, from your lender You’ll be fine as long as you have the income to do it. You’re young and I bet you’ll have that house paid off by the time you’re 45. First, you’ll be able to see how little principal the early payments subtract, and thus, how additional payments in the early years of the loan have the greatest impact I am currently debt free except for the house. Make sure you track how much additional money is being paid against the note, just to keep your lender honest
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