GoKawiilSurvey finds 25% of homeowners make extra mortgage payments to cut interest
A new survey shows roughly one in four homeowners are voluntarily paying extra toward their mortgage principal each month, aiming to shorten their loan term and reduce total interest paid. The trend comes even as broader housing affordability pressures make it harder for many other borrowers to set aside any extra cash.
GoKawiil's interpretation of the reporting above, not reported fact.
Because mortgage rates are often lower than other debt costs, financial advisers frequently suggest prioritizing higher-interest debt or savings before prepaying a mortgage. The split among homeowners highlights how differently people weigh guaranteed interest savings against liquidity and investment opportunities in a tight affordability environment.
- About 25% of homeowners report making extra mortgage payments
- Extra payments can shorten loan terms and lower total interest paid
- Housing affordability strain may limit how many borrowers can do this
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Published there as: “1 in 4 homeowners are making this extra mortgage payment. Should you?”
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