My husband and I are retired and have a mortagage that has a pay off date of 2029. Should we begin to pay extra on our m?

If you're in the first few years of your mortgage 80 to 90% of your monthly payment goes toward the interest, very little toward bringing down the principal. If you stick to the usual payment plan, you will end up paying like three times as much in interest as in principal. Banks love this.

But most mortgages let you pay more per month, which is an EXCELLENT idea, as you can cut the payment period in half or better with just a small increase per month. For instance if your current payment is going $100 towards the principal and $900 towards interest, if you just add 10% ($100) more, then you'll be paying off the mortgage twice as fast! At least at first.

It does not matter whether you're going to stay there or move, the benefits are the same. Ancient_Hacker 58 months ago.

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