Making additional mortgage payments reduces your interest costs by shortening the time it takes to pay off your mortgage and lowering your balance along the way.
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*Calculator Disclaimer: Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. TRID Disclaimer: Your actual rate, payment and costs could be higher. Get an official loan estimate before choosing a loan.