I don't want to get into the investing vs paying off the mortgage debate, I want the freedom of paying off my home.
I just refinanced to a 10 year loan with the hopes of paying it off early. My question is about making additional payments. From my research on the amortization calendars making a large one time payment yearly is more beneficial than paying that same amount towards principal every month. Can anyone confirm this?
As a reference, a yearly payment of $6000 is more beneficial than 12 monthly principal payments of $500.
Rough loan details, 150k loan, 10 yrs, 3.25 rate.