How Much Does One Extra Payment Change Our Mortgage? (First Principal Only Payment)

Large Sums and Bank Accounts
1K
5K
10K
20K
50K
100K
18600
Thousand: $1,000
Million: $1,000,000 (one thousand thousands)
Billion: $1,000,000,000 (one thousand millions)
Trillion: $1,000,000,000,000 (one thousand billions)

Good luck going viral..

Girl, I'm in this with you!!!! You are an inspiration!!!!! I will be walking step in step with you! I close on the 5th?
My first payment will be on the August 1st. Should I start in June for principal only payment? And biweekly? Or just Monthly in June & July?

You go girl!!!!! Every dollar makes a difference! Excited to follow this journey! I was obsessed with the amortization calculator when I was paying off my house! I feel like it is such a motivator to be as aggressive as financially possible!

I'm excited for you 🎉

Payoff journey 👍 $100 extra principal only payment 👏 Making a difference, not paying $570 in interest is eyeopening and a motivator 💰

Did you print out an amortization schedule so you can see where the addl payment will place you on the remaining mortgage balance and allocation between principlal anf interest.? I see you do it online but sometimes paper and highlighting colors are visual motivating.

💜💜💜

When I purchased my first home on my own, after my divorce, my mortgage offered a program where instead of paying example: $1,000. per month, I would pay $500.00 every two weeks; essentially making 13 payments per year instead of 12 which would have reduced the mortgage to about 24 years. I also had the option of paying additional principal. I found this payment system a lot easier because I could schedule it around my pay checks. Saved me a lot of $$$.

That's insanity how much that $100 principal payment saves. 🤯

Such a great video! I can’t wait until we’re on our mortgage payoff journey. ❤️❤️❤️

Such a great video! I can’t wait until we’re on our mortgage payoff journey. ❤️❤️❤️

Great start Mary 🎉

Wow, so $450-500 principal-only gives you one full monthly payment saved in the long run! It's great to show how much your money can accumulate

Excited about your pay down journey. Come on viral video, rooting for you girl 🎉

I love this. I am going to make small principle only payments. Thank you

It is life changing behavior

This video is so important it shows even $100 goes along way to saving on interest 😊❤😊

Great job Mary😅🎉

It is all about the little things ✨️ They will add up 🎉

Awesome! Update on the escrow account closure- they closed the account and sent my refund and have adjusted my June 1 payment to reflect no escrow payment due! So I have put the refund in the HYSA, set up the escrow funds to be direct deposited into the HYSA, called my insurance company and let them know to send me the bill this Fall, next step is to pay the Fall county tax bill and have them send future bills to me! It looks like we may have a surplus I may let it sit until next year because I anticipate a tax increase based on our recent assessment. But if it lingers I will definitely apply it to the principal!!!!

Nice 👍 In a similar situation here. I’m on year 2 0f 30 with a similar balance of 359,000. I pay down a large chuck around 15k every 6 months of the year and regrow that amount in between, found its slightly less interest than split evenly every month.

I am way older than you and i LOVE not having a mortgage because if i was trying to buy a house today we couldn't afford it

congratulations! one dollar at a time! i agree, it would be really interesting if you keep making videos like this (quicker videos in addition to your others)! even if you dont go viral, i would hope you earn more from the added videos and it would net you more income to make more payments like this! creating a little mini cycle! im so excited to follow along with you on this journey! wishing you well from afar! 🙌🙌

Lets go!!!! 🎉🎉

If you are going to sell it after finding out you don't like being landlords make sure to do it within 3 years of moving out to avoid those capital gains!

You are a voice of reason and light in the dark world of debt. 😊 The tip on student loans can help everyone.

Whenever you have enough equity to obtain a home line of credit, you can use that to pay large chunks to mortgage principal and pay the line off very quickly using "velocity banking" method. Lookup Vanntastic finances channel, she explains it very good

Do all mortgages allow for principal only payments? Also why choose to pay weekly down as oppesed to extra per month?

Rumors swirling that Alaxio is getting listed faster than expected. Accumulate now.

If you're looking for a solid long-term presale bet, Alaxio should be on your list.

Awesome every little bit helps! Just put 15k on my 100k loan and shaved off 8 yrs of payments 🎉