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Tips and Strategies for Effective Extra Paymentsĭifferent payment strategies work for different people when making additional loan payments. Total Interest Savings: The amount of money you save in interest by paying your mortgage off sooner than what the original loan term entailed.Time Saved: The amount of years and months you won’t make mortgage payments due to the additional mortgage payments.Balance Schedule: A table that lists each regular payment and extra mortgage payments over time.Start Date of Additional Payment: This is the month and year of your mortgage that you start(ed) making the additional mortgage payments.Number of Additional Payments: The number of additional payments per year is how frequently you will make the additional payment each year remaining in your mortgage.Additional Payment Amount: The additional payment amount is how much you can put toward your mortgage on top of your monthly mortgage payments.Start Date of Mortgage: The start date of the mortgage is simply the month and year you began making mortgage payments on your home loan.
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Loan Term: The loan term is how long it will take for you to repay the mortgage.Annual Interest Rate: The annual interest rate is the interest charged on top of your principal payments of your home loan.Note that the loan amount does not include the down payment. Loan Amount: The original loan amount you took to purchase your home.