You can save a significant amount $of$ mortgage interest paid $if$ you make one additional principal and interest payment a year. This will

reduce $a30-$year mortgage $by$ around $6$ years. $It$ also increases your equity $in$ the home faster. $If$ you choose $to$ pay one additional

mortgage payment a year $by$ paying$\frac{1}{12}ofit$ each month $(make$ certain $to$ note the extra money $isto$ reduce principal$),$ how much will

you pay each month for a mortgage $of$ $$168,000at4\mathrm{.}50\%$ for $21$ years?