Can making one extra pocket money a year on a mortgage principle cut 7yrs past its sell-by date the payoff?

yes my cousin did it :)

Yes, depending on your interest rate and length of loan. Its a really good perception. If you don't have a unbroken months payment even 1/2 of one works wonders.

Yes. Say your contribution is 600.00 a month. Send in 650 and it will grounds your to pay it sour by about 7 yrs untimely.

If you can trade name even more than tthat you can get even further ahead, if your loan allows it. Also, it used to be that you must put together that payment surrounded by a seperate check, not include it with other payments. It must be prominent "for principal only" on the memo rank. Otherwise it will be applied to interest as well, and not brand name much difference in the total.

Answers: Yes, if you specify on the payment that it is to be put against the principal. A lot of lenders will put it surrounded by an escrow account if you don't specify because they don't want you paying it down too at a rate of knots.

The easiest way to do it is to affix and extra 1/12 of your payment to your check respectively month, again specifying that the extra is to be paid against principal. Not adjectives lenders will accept bi-weekly payments lacking refinancing, and you will get the most benefit from your extra payments if they are not made at the close of the year.

do the math