An additional principal payment is a voluntary payment in addition to the established payment amount, applied directly against the loan principal. It helps in shortening the length of the loan term and reducing overall interest costs.
A biweekly loan is a mortgage that requires principal and interest payments at two-week intervals, leading to faster amortization and potentially significant interest savings compared to traditional monthly payments.
A fifteen-year mortgage is a fixed-rate, level-payment mortgage loan with a maturity of 15 years, often chosen for its interest savings and quicker equity buildup compared to longer-term loans.
