Pro Tip: Make one extra mortgage payment every year

Dated: September 8 2022

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Do the terms "amortization schedule" and "last mortgage payment" make your head spin? Did you know that by making an additional mortgage payment every year, or only $100 more in principle every month, you may cut the length of your loan by 8 YEARS?
In addition, with more equity, you might be able to get rid of your mortgage insurance (PMI) even more quickly. Just be careful to find out whether there are any pre-payment penalties because your mortgage lender counted on you to pay interest for a minimum of 15 to 30 years.

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