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Message: <blockquote data-quote="analytics" data-source="post: 26586305" data-attributes="member: 537986">ලංකාවේ බැංකු වලින් මීට වඩා උදව්වක් ලැබෙනවානම් තවත් වටිනවා. උදාහරණයක් විදිහට සමහර රට වල මාසේ වාරිකේ එක්ක තව අමතර ගෙවන්න පුළුවන් capital එකෙන් අඩු වෙන විදිහට. අපේ බැංකු හැදිලා තියෙන්නේ අපිව හුරන් කන විදිහට.<h2>Make extra mortgage payments</h2>Another way you may be able to save money on interest, while reducing the term of your loan is to make extra mortgage payments. If your lender doesn’t charge a penalty for paying off your mortgage early, consider the following early mortgage payoff strategies.Just remember to inform your lender that your extra payments should be applied to principal, not interest. Otherwise, your lender might apply the payments toward future scheduled monthly payments, which won’t save you any money.Also, try to prepay in the beginning of the loan when interest is the highest. You may not realize it, but the majority of your monthly payment for the first few years goes toward interest, not principal. And interest is compounded, which means that each month’s interest is determined by the total amount owed (principal plus interest).<h2>Make one extra mortgage payment each year</h2>Making an extra mortgage payment each year could reduce the term of your loan significantly.The most budget-friendly way to do this is to pay 1/12 extra each month. For example, by paying $975 each month on a $900 mortgage payment, you’ll have paid the equivalent of an extra payment by the end of the year.<h2>Try the dollar-a-month plan</h2>The dollar-a-month strategy should be financially feasible if your income increases slightly but consistently over time.Each month, increase your payment by $1. Simply pay $900 the first month, $901 the second month, and so on. For a 30-year, $900-per-month mortgage with a 6% fixed interest rate on a loan of $150,000, you could reduce the term of your mortgage by eight years.</blockquote>

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