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Payments Toward Principal

If your budget allows for you to make extra payments toward the principal of your loan, than it is highly encouraged to do so.

By paying anywhere from $50 to $100 on a monthly basis, you can reduce the term of your loan significantly.

Not only will you be shortening the term, you will literally be saving thousands of dollars in interest charges.

However you may need to address your lender in order to re-calculate your payments basing on your current mortgage balance.

Principal Interest and Term

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