Pay your mortgage down early
Some months it’s hard to even make the basic mortgage payment, but smart homeowners are learning that paying even just a bit of extra principal each month can lead to big rewards.
In a recent Scott Burns Commentary, a reader wrote in for advice on a loan he had already been paying down for three years, saving 17 years of interest payments. Yes, it actually works! Check out The Motley Fool for calculators that can help you with your plans.
Don’t give up! This is the advice Mr. Burns gives his reader. Continue paying down that mortgage, and you will have more money for paying off other debts and your retirement later.
Your monthly payment isn’t set in stone. Even paying an additional $100 per month can greatly reduce the interest you spend and how long you have to make those monthly payments.
Good luck!
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