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Pay Off Your Mortgage in One-Half or Less Time and Save!
by Kevin Adelsberg
The idea is easy and relatively inexpensive as you start. When you make your monthly mortgage payment include the principal amount from the next payment. By following this simple rule of thumb, you will own your home in half the time of your mor

The idea is easy and relatively inexpensive as you start. When you make your monthly mortgage payment include the principal amount from the next payment. By following this simple rule of thumb, you will own your home in half the time of your mortgage commitment. In addition to owning your home sooner, you will save thousands of dollars.

Heres an example: $100,000 360 @ 6.5% [$632.07/mo]

Payment #1 Int-$541.67 Prin-$90.40 Prin Bal-$99,909.60;
Payment #2 Int-$541.18 Prin-$90.89 Prin Bal-$99,818.71;
Payment #3 Int-$540.68 Prin-$91.39 Prin Bal-$99,727.32

To get this started, when you make your first mortgage payment ($541.67 + $90.40 = $632.07), simply add the principal amount from your next payment. In this case, you would add the principal amount of payment #2 ($90.89). In summary, your payment to the mortgage company would be $722.96. Please be sure to note this additional principal payment on your payment coupon!

You will realize thousands of dollars in interest payments with this payment theory as well. For each additional principal payment you make you save that interest amount. The total interest associated with this loan example is $127,542.98. Therefore, if you followed this method you would save over $46000.00 in interest.

In most cases today, there is more than one income in the family. This can be accomplished with little financial effort. Just remember, if you can handle this theory, this will allow you to start saving for your dream home or retirement home.

It is essential to keep an accurate record of your payments. Many financial institutions offer mortgage calculators on the internet today, so it is easy to get your amortization schedule for the term of your payments. This will include the principal and interest for all payments. Remember, that although you are paying next months principal in advance, it does not excuse the borrower from skipping a mortgage payment later in the process.

Perhaps the most important aspect of this theory is that you must have the ability to pay off your loan prior to maturity. There are some exceptions with conventional mortgages where extra principal payments are not permitted and they would be written in your mortgage document. Please be sure to read the fine print of the terms of your loan to make sure this practice is permissible.

Kevin Adelsberg is a writer for For additional articles and an extensive resource for everything about mortgages, please visit us at

The site is not responsible for any content in it. E-mail: alldir[at]gmx[dot]com
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