Submitted by Klutzy-Substance8862 t3_z80xia in personalfinance
I read somewhere that if you make one extra payment a year on a fixed rate, 30 year mortgage that you will pay your house off 7 years sooner. Is this true?
If so, would you only make this extra payment if you could supplement it with your income? Or use wind fall money? Between accounts (savings,checking, money market), not including my stocks, I have a little over $100k. I do not currently make the kind of money it takes to save that or replenish it quickly. It was money gifted to me.