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Hoping to Save Money? Consider Paying Your Mortgage Off Early

If you’re trying to save money, the last thing you may want to do is make larger mortgage payments. However, putting more money toward your mortgage may save you money (potentially quite a lot of it) over the duration of your loan.

That’s because as you pay down your balance, you’re being charged less in interest. Even making one additional payment a year can help.

In addition, this may help you pay off your loan earlier.

“You might be wondering why you should even consider paying off your mortgage early,” said New American Funding Editorial Director Clare Trapasso. “Well, that’s easy. You might be saving on interest over the life of your loan.”