I hope this might help some people here with mortgages - I know there are a few with recently purchased homes.
I have a 30-year loan which I refinanced in 2003 to lower interest. I immediately started paying a little extra every month. Each time I got a raise, some of it went to pay down the principal. I’m talking about $30 to $50 extra per month or so.
I didn’t think much about it for all these years, my statements didn’t seem to reflect a difference.
I recently had cause to call the mortgage company and asked about it out of curiosity. My statements still say the loan ends in 2033 because that is the contract, but it turns out I have cut off 8 years! My little house will be paid off in 2024 if all stays the same.
Maybe then I can start paying for some repairs.
Caveat - I didn’t pay much for my house by today’s standards, but anything you can do to pay some principal near the beginning will help.