Making extra mortgage payments does which of the following?
A)Reduces the payment amount
B)Reduces the length of the loan
C)Increases total amount paid
D)Increases cash flow

Question

Quizplus · Accepted Answer

Making extra mortgage payments reduces the length of the loan, as it allows you to pay off the principal balance faster. This can save you money on interest and help you become debt-free sooner. It does not reduce the payment amount, increase total amount paid, or increase cash flow.

Making Extra Mortgage Payments Does Which of the Following