Home mortgage, and so much more
Saving money on your home mortgage is simple. Whether your goal is to lower your monthly payment or to save money on the total cost of your home mortgage, mortgages offer you several ways to achieve your goal. The first question is, do you want a lower monthly payment or a lower total payment? These two numbers are opposed. Because interest compounds, making a lower total payment means making a higher monthly payment, and making a lower monthly payment increases the amount of money you will eventually pay to your lender. If you want a lower total payment, the solution is easy: Pay a little more each month.