Making extra payments on top of your required payments could help you pay off your mortgage faster.
Frequently Asked Questions
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What is the procedure for making extra payments on your house loan?
Any extra payments you make are in addition to your lender's minimum loan repayment. This extra payment is applied to the loan's principal rather than the interest.
How do I use the extra home loan payments calculator?
While making one or two extra payments may not seem like much, if you do so on a regular basis, the benefits will accumulate and become more visible. Because interest is calculated daily, the more additional payments you make, the less interest you will pay over time. This also means that the sooner you begin making additional payments, the more money you will save in the long run.
What are your alternatives?
There are three alternatives for making extra payments that will help you pay off your mortgage faster.