How to Pay More on Your Mortgage
- 1). Make biweekly payments on your mortgage instead of monthly payments. Take your monthly payment amount and divide it by two. Then pay that amount every two weeks. The result is 13 monthly payments instead of 12.
- 2). Send extra lump sum amounts to your mortgage company when you can. For example, if you get a quarterly bonus at work you can send it that lump sum amount in addition to your normal payment. Lump sum amounts are not regular over payments but extra payment that you make when you have extra money. Check with your mortgage company first to make sure it allows this. When you send in any extra lump sum amounts, be sure to request that it goes toward the principal, not interest.
- 3). Increase the amount of your monthly payment that you send in. For example, if your monthly payment amount is $850 you can try sending in $900 or more each time that you send in a payment. Basically, you are just paying extra every month when you send in your payment. Before doing this, check with your mortgage company that it will allow it without penalty and that it will apply the extra to principal, not interest.
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