Comments on: 6 Easy Ways to Chip Away at That Mortgage Payment

By: Kalyn Brooke

Kalyn Brooke — Thu, 12 Nov 2015 19:05:21 +0000

In reply to Ali.

First – You want an amortization schedule that has 3 columns for each payment: Principal, Interest, & Total payment.

So here is the trick – when you make that extra principal payment {make sure your bank is treating it as a principal payment!} you are saving yourself future interest. So, when you write the actual check – you can cross that amount off of the principal amount for the last date of your amortization schedule. IGNORE the interest of that payment and just pay the principal amount. Then as you make each new principal payment you keep working your way up from the bottom.

If you have already made several principal payments, just total them up and work your way up from the bottom of your amortization schedule to see where you are at!

I hope that helps, Ali! Let me know if you have any more questions!

By: Ali

Ali — Mon, 09 Nov 2015 18:50:07 +0000

Is there any easy way to print/create/save an amortization schedule that takes into account an extra payment/month? We make it a priority to contribute an extra $100/mo to our mortgage principal and have been doing so for the past year. What would an amortization schedule look like to reflect this additional contribution?

By: Kalyn Brooke

Kalyn Brooke — Thu, 29 Oct 2015 14:18:57 +0000

In reply to Molly. I'm so glad you found this helpful! Be sure to check with your mortgage provider that you actually can get the PMI taken away when you reach a certain point. When we purchased our house in New York the PMI rules were different than they are here in Florida.

By: Molly

Molly — Wed, 28 Oct 2015 14:49:35 +0000

Wow, this came at a great time. We are actually going today to discuss buying a new house. I was worried about the mortgage insurance, but now I now what to ask for and how much I would need to put down to have it fall off later. Thanks

By: Kalyn Brooke

Kalyn Brooke — Sat, 14 Mar 2015 23:23:11 +0000

In reply to Kendra.

You’re welcome, Kendra! And I may or may not have just pinned a whole bunch of posts from your site — you are a very talented designer! 🙂

By: Kendra

Kendra — Fri, 06 Mar 2015 03:05:06 +0000

awesome tips! thanks! i am excited to read the rest of the series!
-kendra

By: Kalyn Brooke

Kalyn Brooke — Fri, 24 Oct 2014 00:07:03 +0000

In reply to Georgie. So glad you are joining us! :)

By: Georgie

Georgie — Tue, 14 Oct 2014 23:37:04 +0000

I found you through the 31 days challenge and can’t wait to go through your posts and tips! We just took on our first mortgage this year and are trying to pay above and beyond so we get ahead. My monthly budget is looking pretty lean as a result so looking forward to finding some new ways to trim $$!

By: Kalyn Brooke

Kalyn Brooke — Mon, 13 Oct 2014 16:19:28 +0000

In reply to Nichole @Budget Loving Military Wife. That's awesome, Nichole!! Thanks for stopping by!

By: Nichole @Budget Loving Military Wife

Nichole @Budget Loving Military Wife — Thu, 09 Oct 2014 17:19:34 +0000

Great tips! We have been tackling our mortgage. I too hate how much interest we pay! We’ve had our “30 year mortgage” for just over 3 years and hope to pay it off in the next 2-3 years! It’s difficult to believe 5-6 years total and we will be completely debt free! Best wishes with your mortgages!