Extend the life of your loan
You can extend the life of your loan by adding extra payments to your mortgage every year, which will lower your monthly payment. This is an excellent way to save money on interest and reduce the amount of time it takes to pay off your home.
To extend the life of your loan, simply make one additional payment each year toward the principal balance on top of your regular monthly payment. You’ll likely have to go through some paperwork with a bank employee in order for them to process this request; however, once they give you permission, you’ll be able to increase monthly savings significantly while paying down debt faster than expected!
The amount you save when extending a loan depends largely upon its nature (fixed rate vs variable) as well as how much time remains before it expires – but we estimate that homeowners who do this could potentially save thousands in interest costs over time!