Making regular additional payments on your loan principal provides big savings. You pay more on principal in various ways. For many people,Perhaps the simplest way to organize this process is to make 1 extra mortgage payment every year. If you can't pay an additional whole payment all at once, you can divide your payment by 12 and pay that additional amount monthly. Another option is to pay a half payment every other week. The result is you will make one additional monthly payment each year. These options differ slightly in lowering the total interest paid and shortening payback length, but they will all significantly shorten the length of your mortgage and lower your total interest paid.
Some people can't manage any extra payments. Remember that most mortgages will permit you to pay extra on your principal at any point during repayment. You can take advantage of this rule to pay down your principal when you get some extra money.
If, for example, you receive a surprise windfall three years into your mortgage, you could pay a portion of this money toward your mortgage loan principal, which would result in significant savings and a shorter loan period. Unless the mortgage loan is very large, even a few thousand dollars applied early in the loan period can produce huge benefits over the duration of the loan.
Do you have a question regarding a mortgage program?