Some mortgage tips

[Becky]

These are from Mary Hunt:

If you choose to make your first payment in the initial month the entire amount goes to the principle. This one payment will take off 6 months from a $200k home with a 30 year mortgage.

If you pay 1/12 of a payment extra each month you will have made 13 payments in one year and that will save you approx. 7 years from your term.

[Becky]

I just thought those were pretty interesting points. I know I'm going to try and do the 1/12 payment extra every month. I wish I would have known the first tip before we bought our house.

[southernmama]

Some months we can only send in a small amount extra, but I look at it this way, that will be one less monthly payment at the end. I think every little bit helps.

[Sam]

I wish I would have known about the first one last year. We try to put in as much extra each month as possible but the last couple months we seem to barely make it!