This is the standard minimum monthly payment.
Two equal payments each month, exactly half the monthly payment.
Payment every two weeks, exactly half the monthly payment, for a total of 26 payments.
One additional principal payment made a the end of each year.
Additional principal payment made each month.
The strategy uses a HELOC to make lump sum principal payments.
Extra savings goes into a separate savings account and builds until the mortgage can be paid off in one payment.
| Strategy | Months | Interest | Interest Savings |
|---|---|---|---|
| Monthly Payments | 360 (30 years) | $69,801 | $0 |
| Payments Twice A Month | 359 (29 years, 11 months) | $69,278 | $522 |
| Payments Every Two Weeks | 319 (26 years, 7 months) | $60,651 | $9,149 |
| Additional Yearly Payment | 275 (22 years, 11 months) | $51,319 | $18,482 |
| Extra Monthly Principal | 77 (6 years, 5 months) | $13,175 | $56,626 |
| HELOC Accelerated | 78 (6 years, 6 months) | $13,716 | $56,085 |
| Debt Cliff | 83 (6 years, 11 months) | $24,921 | $44,880 |
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