[Jeanette]

1. If your bank allows it divide your monthly PI payment in 2 and pay that amount every two weeks. that way you are paying an extra payment every year. Pays house off about 5 years earlier on a 30 year mortgage.

2. If your bank doesn’t allow this or if you have more money then make a “principal only” payment. This reduces your mortgage amount rather then advancing your payment due date.

Best to you!

[Elizabeth]

With that low of an interest rate, you may want to invest the extra you’ve been paying on the mortgage. Paying on a low interest rate debt is a psychological win, but not necessarily financial.

Do you know AutoCAD? A few years ago we hired someone to map out our home for a renovation project.

[Author]

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