Huge Savings on Interest: Available to Anyone with a Mortgage

Making regular extra payments on the loan principal yields singificant savings. People accomplish this goal in a few ways. For many people,Perhaps the easiest way to keep track is by making one additional mortgage payment per year. Of course, some people won't be able to afford such a large extra payment, so splitting an extra payment into 12 extra monthly payments works as well. Finally, you can pay half of your mortgage payment every two weeks. These options differ slightly in lowering the total interest paid and reducing payback length, but each will significantly reduce the length of your mortgage and lower the total interest paid over the life of the loan.

Additional One-time payment

Some people can't manage extra payments. But it's important to note that most mortgages allow additional principal payments at any time. Any time you get some unexpected money, you can use this provision to pay an additional one-time payment on your principal. For example: several years after buying your home, you receive a very large tax refund,a large inheritance, or a cash gift; , investing a few thousand dollars into your home's principal will significantly shorten the repayment period of your loan and save enormously on interest paid over the life of the mortgage loan. For most loans, even this modest amount, paid early enough in the mortgage, could offer big savings in interest and length of the loan.

Triumph Mortgage Inc can walk you Triumph Mortgage Inc can answer questions about these interest savings and many others. Give us a call at 8327302000.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question
By checking the box, you agree that Triumph Mortgage Inc may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.