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The goal is to reduce the total amount of interest paid by accelerating your mortgage payments By paying an amount greater than your current mortgage payment, you can reduce the total amount of interest paid and pay off your mortgage faster.
Example: if you made a lump sum payment of $50 every month, you can reduce your mortgage obligation as follows (two examples shown: $100,000 and $200,000 mortgage)
There are three conventional ways to accelerate your mortgage payment:
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