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In a word, YES!
By making additional payments toward your principal balance, home owners can save thousands of dollars and shave years off the term of their mortgage.
Check with your lender, who can provide specific answers as to how such prepayments will shorten the life of your mortgage loan. Each mortgage has specific terms describing how and when prepayment may occur and if there is a penalty for prepayment. You may want to obtain a copy of The Banker's Secret by Marc Eisenson. This book explains in detail how the formulas involved in calculating prepayments work.
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