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August 16, 2021

How to Pay Extra on the Mortgage (Principal, Not Interest!)

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Yolanda wants to pay extra toward her mortgage but she’s not sure if she’s doing it correctly.

Holden Lewis, a Mortgage Expert from NerdWallet, joins me to help her out. We discuss how to ensure your extra mortgage payments are going toward the principal and how refinancing your mortgage may fit into the picture.

Episode Overview

Holden Lewis and I review the following:

  • When you're paying extra on the mortgage, how to ensure it's going to the principal
  • How to determine how much extra you should pay toward your mortgage
  • Why a cash out refinance may not be the best move financially

I was excited to support Yolanda with her question and I look forward to hearing if this chat helped her. If you're looking to pay extra on your mortgage, check out our episode and see if it helps you too!


Guest Bio – Holden Lewis

Holden Lewis is NerdWallet’s authority on mortgages and real estate. He has reported about mortgages and housing since 2001, covering mortgage rates, trends in the housing market, and home buying and selling strategies.

Holden Lewis Resources

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Carpe Diem Quote

A funny thing happens in real estate. When it comes back, it comes back up like gangbusters.

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Are you working on paying extra on your mortgage?  Do you like the advice from Holden Lewis?

Please let me know in the comments below.

Andy Hill

Andy Hill, AFC® is the award-winning family finance coach behind Marriage Kids and Money - a platform dedicated to helping families build wealth and happiness. With millions of podcast downloads and video views, Andy’s message of family financial empowerment has resonated with listeners, readers and viewers across the world. When he's not "talking money", Andy enjoys being a Soccer Dad, singing karaoke with his wife and relaxing on his hammock.

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