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How much will you save by making an extra mortgage payment each year?

How much will you save by making an extra mortgage payment each year?
If you can scrape together an extra payment to put toward your mortgage each year, you’ll take — on average — four to six years off your loan. Plus, you’ll also save tens of thousands of dollars in interest payments.

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That is crazy to see just how much it adds up to in the long run.

My wife and I have been making a small extra payment to the principal with every payment but now I really want to check to make sure that is adding up to an extra payment every year.

From an ROI perspective, the amount you get over the term of your loan is better than you could expect from a lot of other types of investments.

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