If I Make 3 Extra Mortgage Payments a Year : Unlocking Financial Freedom.




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When it comes to paying off your mortgage, making just a few extra payments each year can have a significant impact on your financial future. By making three additional mortgage payments a year, you can accelerate the payoff process and save thousands of dollars in interest.

How It Works

Most mortgages are structured so that you make 12 monthly payments each year. By making three extra payments, you effectively make 15 payments, which reduces the principal balance more quickly. This can result in substantial interest savings over the life of the loan.

The Benefits

There are several key benefits to making extra mortgage payments:

  • Interest Savings: By paying down your principal balance faster, you’ll reduce the amount of interest you pay over the life of the loan.
  • Early Payoff: Making extra payments can help you pay off your mortgage years ahead of schedule, freeing up more funds for other financial goals.
  • Equity Building: Accelerating your mortgage payoff means building equity in your home at a faster rate, which can provide greater financial security.
  • Financial Flexibility: With a lower mortgage balance, you’ll have more flexibility and financial freedom, allowing you to pursue other opportunities.


Before you start making extra mortgage payments, there are some important considerations to keep in mind:

  • Review Your Loan Terms: Some mortgages have prepayment penalties or restrictions on extra payments, so be sure to review your loan terms carefully.
  • Assess Your Financial Situation: Make sure that you’re in a stable financial position before committing to extra payments, as unforeseen circumstances could arise.

How to Make Extra Payments

There are several strategies for making extra mortgage payments:

  • Lump Sum Payments: Use a bonus, tax refund, or other windfall to make a lump sum payment towards your mortgage principal.
  • Bi-Weekly Payments: Switch to a bi-weekly payment schedule, which effectively results in one extra payment per year.
  • Monthly Increments: Add a little extra to your monthly payment each month to gradually increase your total payments over the year.

Frequently Asked Questions Of If I Make 3 Extra Mortgage Payments A Year : Unlocking Financial Freedom.

Can Making Extra Mortgage Payments Save Me Money?

Yes, making extra mortgage payments can save you money in the long run. By paying off more of the principal balance, you can reduce the amount of interest you pay over the life of the loan.

How Many Extra Mortgage Payments Should I Make In A Year?

While the number of extra mortgage payments you can make is flexible, generally making three extra payments a year is a good target. This allows you to pay off your mortgage sooner and save on interest.

What Are The Benefits Of Making Three Extra Mortgage Payments?

By making three extra mortgage payments a year, you can pay off your mortgage faster, build equity in your home quicker, and save thousands of dollars in interest payments over time.

Will Making Three Extra Mortgage Payments Affect My Credit Score?

Making three extra mortgage payments should not directly impact your credit score. However, it is crucial to prioritize your other financial obligations to maintain a healthy credit profile.


Making three extra mortgage payments a year can be a smart financial move, helping you save on interest, pay off your mortgage early, and build financial security. Before making any extra payments, be sure to review your loan terms and assess your financial situation to ensure it’s the right choice for you.

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