One-time Additional Payment
It may not be possible for you to pay extra every month or even every year. Keep in mind that most mortgage contracts will allow you to pay extra on your principal at any point during repayment. You can benefit from this rule to pay extra on your mortgage principal when you get some extra money. Here's an example: five years after buying your home, you get a larger than expected tax refund,a very large inheritance, or a non-taxable cash gift; , you could apply a portion of this windfall toward your loan principal, which would result in significant savings and a shortened loan period. Unless the mortgage loan is quite large, even a few thousand dollars applied early in the loan period can yield huge benefits over the life of the loan.