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Re: Looking for opinions on paying down mortgage
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Posted by Roger_S [Email] (#2723) [Profile/Gallery] (more from Roger_S) on Wed, 3 Feb 2021 10:50:00 Share Post by Email
In Reply to: Looking for opinions on paying down mortgage, Sam, Tue, 2 Feb 2021 08:42:41
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A good book that explains how to save money on loans is "The Banker's Secret" by Marc Eisenson. Of the options he explains, I chose the one where every month I would pay the required monthly payment plus the interest for the next month. Get a payment schedule from your mortgage company or probably you can find one on-line. Your first payment will be something like 95% for interest and 5% toward the principle. The next month the interest percentage goes down very little and the amount towards principle increases, say to 5.3%. By adding next month's interest each time you make a payment you will never have to pay the amount towards the principle for that "next month". For your earliest monthly payments adding the interest for the next 2, 3, or more month's payments you will save even more because you will never have to pay the percentage toward principle for those months! When the additional interest amount becomes too much for you to handle you can either reduce the addition or stop it completely. Following this approach saved me enough on my mortgage to completely pay for a new Saab in 1995 - the same one I'm still driving.

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