Extra Mortgage Payments - Monthly vs. Annually

In this video, I will show you how much money you can save by paying off your mortgage faster. Is it better to pay a little more every month, or should you pay a lump sum once a year?

Below is the link to the website I used during the video:

Technology Products I Use During My Videos on Amazon

Snowball Microphone

Movie Studio 15 Video Editing Software

Asus Gaming Laptop

Beats Noise Cancelling Headphones

Logitech Wireless Mouse

[skoopqueen]

Paying off my mortgage early was a pivotal financial move for me. By strategically allocating extra payments, I saved thousands in interest and freed up cash for more investments. It's about optimizing your finances and making your money work for you. Financial freedom is within reach for anyone willing to take the right steps.I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your futuree.

[Runtothemusic]

Nice. Showing it with math is super helpful

[animarucaa]

I’m paying 200 extra and I’m planning to add a yearly lump sum before the summer. Hopefully I see it go down quick.

[rodrain]

Umm sorry if I missed it but what is the website

[mamisomorales]

i have a FHA loan 4.75 interest i just started giving 100 or should i start giving 200 i can affort it wat should i do

[seant]

Website doesn’t let you enter a term > 30 years.

[richardsidwell]

Hi shouldn't that have been 30 years on the last 1 not 25 years

[yannip]

Why paying the lump sum once a year will extend the time by 1-month than paying monthly payments?

[realt]

Thank you, I wish they taught this in schools. Very helpful 👌

[joaquinzannchez]

Great video, thanks for sharing this with us. Your scenario is applicable if you have the $1, 200 at the beginning of the year, but if you just bought the house and are left with 0 money to contribute the lump sum of $1, 200, it would be better to start adding the extra $100 monthly rather than saving that money to do a lump sum of $1, 200 at the end of the year.

[RO-rrtx]

Great video. I got a situation. I got a owners finance home. I bought a house back in May of 2015. Loans is for 13 years. I made regular payments for 4 years. On Jan of 2020, I made a lump sum payment of 10K. then on April of 2022, I made another lump sum payment of 10K. Both time the owner put the extra lump sum at the end of the amortization period. He stated that on my legal house documents it stated as to where the lump sum was going to. I thought the lump sum payment was going to be applied at the month i made the payment. Does this sound right?

[aurorasarmiento]

If I give extra 100 I should be specific towards s interest or principal?

[christophermartin]

I pay extra each month but occasionally while out running errands I walk into the bank and hand in my pocket change to go towards the principal. I know that will not do much in the grand scheme of things but it is always fun seeing the bankers face when I hand over a couple crumpled dollar bills and loose change and tell them I'm making a payment towards the principal.