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Originally Posted by aus
Any of you guys pay extra on your mortgage?
It's helped me a LOT. I can't believe how my principle has dropped in the last 5-6 years.
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Yessir! Extra principal payment every month, and yes it makes a huge difference.
We just re-fi'd yesterday, 15-year at 2.625%. I could have afforded a 10-year loan, it was tempting, but ultimately we decided to stick with the 15-year and make extra principal payments each month to pay it off in 10-years, anyway. The numbers work out virtually the same as long as you make that extra payment each month and this way I have peace-of-mind knowing that if I'm suddenly out of a job I am not stuck with the higher 10-year payment.