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extra amount on principal which add up to two extra payments a year is this benefical to me?

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cmdee42 Joined: 25 Feb 2010 Posts: 1 1.25 Dollars($)	Posted: Thu Feb 25, 2010 5:33 pm    Post subject: extra amount on principal which add up to two extra payments Like 0 Dislike 0 I am adding 86.00 dollars extra on each monthly payment to the principal. this will add up to 2 extra payments a year, how is this an advantage? 100,000.00 loan 4.75 rate
jameshogg Joined: 20 Dec 2005 Posts: 10165 Location: Nevada 944.35 Dollars($)	Posted: Thu Feb 25, 2010 9:10 pm    Post subject: Like 0 Dislike 0 Hi cmdee, Paying extra towards your principal amount will help you in paying off your debts earlier. Thus, you would be able to own your house free and clear. Thanks

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