That constant smackdown when you see the interest charged to the mortgage account...

I pay more than the minimum payment in the vain hope that it genuinely reduces the loan term from 30 to under 20 years (which means I might still be alive when it's paid off!).

Current prediction is 22 years, so that's still an improvement.

The 'interest smackdown' is a constant reminder that someone always wants to take and doesn't want to give. 8-)

Top | New | Old

whowasthatmaskedman · 70-79, M

OK.. Now here are the numbers you need to (and probably do) know. Your standard repayment. Your monthy interest charge. And by a simple subtraction, the amount actually coming off your loan each month. So you dont have to double your repayment. You just need to add the smaller principle reduction number, to hit that loan right in the soft spot. And you may already be doing that..Also if you make payments fortnightly, instead of monthly, you will make an extra months worth of payments every year..😷

WonderGirl ·

Can you make extra principal-only payments?

Add a comment...