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<p>[QUOTE=&quot;Clawcoins, post: 3114395, member: 77814&quot;]I do the same.&nbsp; One thing I learned though, when I bought my first house in the 90s I always paid more each month.&nbsp; Each January the mortgage company would reamortize the payment schedule.&nbsp; So my payment would go down (less interest etc) although I always paid much more anyways.&nbsp; So even though they recalc&#039;d for a 30yr the payment would dwindle a lot and I would just keep making my regular payments pushing it further down.</p><p><br /></p><p>My current mortgage I noticed the other year nothing was done each January.&nbsp; So I inquired.&nbsp;&nbsp; My current mortgage holder requires $5k (which is 100% applied to the balance) to reamortize the loan.&nbsp; This can be significant over the time of the loan.&nbsp; For my example for first payment after remortization is a savings of interest of $25 dollars, which then increases by more than a dollar a month.</p><p><br /></p><p>So, you may be able to save even more money by having the mortgage balance reamortized, and you can then save much more on interest, pay more principal with the same payment and cut the term down ever further with your higher payments.</p><p><br /></p><p>I keep a spreadsheet of my payment and the entire schedule.&nbsp; And I calculate how each month payment cuts the total term of the mortgage.&nbsp; Nice to see an end in sight, getting closer and closer.[/QUOTE]</p><p><br /></p>

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