[Challenger]

Originally Posted by l2ridehd

There are many different options and ways to effectively pay off your mortgage sooner. Get a mortgage calculator, maybe this one, and you can set it up any way that works best for you. Weekly, bi-weekly, 15 year, etc.

Mortgage Calculator

I paid a lump sum on mine, paid the bank the $175 to restructure the payment, not the term, then made the payments as if it was a 15 year loan by adding extra $$$ applied to principle each month. My payment dropped a bit and the loan will be done much sooner. And I have the flexibility to pay the lower amount if I have to for some reason. So just figure out what you want to accomplish, use a good mortgage calculator, tell your bank what your doing, and enjoy the savings. If you need any help setting this up, more information, PM me and I will help you for free. Never pay someone to do something you can easily do yourself.

why would you pay the bank $175 to "restructure" the mo pmt. when you can add additional principal pmts without charge?