Jewel Addison, a real estate broker, provides practical advice for homeowners on how to save on mortgage costs. She recommends making extra payments toward the principal to decrease overall interest, demonstrating that an additional $2,000 yearly can save $110,000 over the term. Additionally, she advocates for biweekly payments instead of monthly, allowing homeowners to make one extra payment each year without strain, thereby reducing the loan duration by four to six years and saving thousands in interest.
Owning a home comes with an array of expenses, but savvy saving can help take the burden off of the lengthy mortgage and put money back into your pocket faster.
If you put an extra $2,000 a year toward your principal, you'll save $110,000 in interest.
It's a small shift that makes a big impact, without needing to find extra money in your budget.
You'd make half-payments every two weeks, which adds up to one extra mortgage payment per year without you even noticing.
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