Just pay more
Divide your monthly principal and interest by 12 and add that amount to your monthly payment. End result: 13 payments a year.
Before you make anything beyond the regular payment, phone your mortgage servicer and find out exactly what you need to do so that your extra payments will be correctly applied to your loan, says Joel Doelger, director of community relations and housing counseling for Credit Counseling of Arkansas.
The mortgage payoff calculator lets you see the effect of making an extra payment each month.
Let them know you want to pay "more aggressively," and ask the best ways to do that, he advises.
Some servicers may require a note with the extra money or directions on the notation line of the check.
In any event, if you're putting extra money toward your loan, always check the next statement to make sure it's been properly applied, Doelger says.
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