Snowball Method for Mortgages

[zpcsc]

Hello, I got out of credit card debt using the Snowball Method, which was presented to me via this site! I want to know if there's one similar for mortgages? Can I use the same method?

 

Thank you! 

[Glacier]

Do you have mulitple mortgages?   

 

Me personally, I just have 1 mortgage and just add money to the payment each month.  My mortgage servicer automatically applies that to principle, but not all do.   Since it goes to principle, I will pay my mortgage faster, with less interest expense.    

[shifter]

On 8/5/2025 at 4:00 PM, zpcsc said:

Hello, I got out of credit card debt using the Snowball Method, which was presented to me via this site! I want to know if there's one similar for mortgages? Can I use the same method?

 

Thank you! 

Yes. I started this several years ago. When I paid off my first car, I added that amount to the mortgage. Did the same with the second car. Did the same with the student loans when they were paid off. Basically anything that was paid off that was already in the budget went into the mortgage. Has had a great effect on the principal and the amount of time estimated to payoff. Dropped it in half already on a 30 year loan. 

[zpcsc]

On 8/11/2025 at 11:18 PM, shifter said:

Yes. I started this several years ago. When I paid off my first car, I added that amount to the mortgage. Did the same with the second car. Did the same with the student loans when they were paid off. Basically anything that was paid off that was already in the budget went into the mortgage. Has had a great effect on the principal and the amount of time estimated to payoff. Dropped it in half already on a 30 year loan. 

That's great to know!! thank you.