Have you ever put a large amount down to pay down your mortgage or do you feel its worth it?

Just think of all of that interest you would be saving if you did this each time your mortgage came due or at the beginning of each year. It truly is amazing just how much a person pays for a home.

We often say, I got the house for such and such, but we never add in the interest rates for 10 years, 25 years or even 30 years in the States.

When we finally get done with all the moving around with the Army, I want to do this. I would LOVE to pay at least a third down. Guess we will have to see how the market is 10 years down the road. :)

We paid a large amount down on our home. What I like about it is that if we had to sell our home in an emergency situation, we could afford to take less than appraised value and still be able to pay off the loan.

I would like to start paying a little more each month when we can afford it. Cj you are right, it really does make a big difference.

Yes, we do put extra towards the principal every time any extra money comes our way. I love the thought of paying less interest & owning our home sooner. Looks like we will be paying that baby off within 2 yrs.or so~ sooner if I get a job. All this done on one income. I am very proud of us.

We also put more on the principle when we can. It makes a huge difference in the long run.

Yes, we paid a large amount down to be able to aviod PMI insurance costs.

Its interesting that so many people don't do this. When we owned our home in the city, everytime we got a bonus or extra money, we would put money down on our mortgage.

When dh was let go from the company he had worked for 20 years 2 years ago, we put our home up for sale and it sold within 7 days but at $3,000.00 less than we originally wanted for it. But because we had put money down, we were able to sell it at a reduced rate and move to our dream home.

I remember when interest rates were 18% back in the 80's and people were losing their homes everywhere. Had they put money down and purchased homes below what they could really afford, they would not have lost their homes probably or would have been able to work out a deal with their mortgage company. It was a lesson that stuck with me all those years. At the time, we were renting so were okay.

My DH and I being a young married couple and first time home buyers qualified for a no money down mortgage. We, instead, paid cash for the closing costs so as they were not included in with the mortgage. We also pay extra each month with our payment which is equivalent on our mortgage to making about 2 or 2 1/2 payments extra per year. We have owned the home for a little over a year and already have the balance dropped as though we had been paying for 3 years. Can't wait til we can ditch that PMI.:D

My husband and I are also fairly young and hope to have our home paid for by the time I'm 30 (in 6 years).