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Mortgage Market Update
My Mortgage Company
Eric Swenson
Tuesday, October 20, 2026
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What your extra mortgage payments actually do |
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Hi there. This week I want to tackle a question that comes up more often than you'd think—what really happens when you put extra money toward your mortgage.
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National Mortgage Rates · October 16, 2026
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Conventional 30-Year
7.28%
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Source: Optimal Blue daily mortgage indices via FRED
Rates shown are national mortgage index rates and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Paying Down Mortgage
What happens when you pay extra on your mortgage
One question I hear often: if I throw extra money at my mortgage, where does it actually go? The short answer is that principal payments reduce what you owe, which means you build equity faster and pay less interest over the life of the loan. Even small extra payments add up over time. That said, whether it makes sense for you depends on your whole financial picture—your emergency fund, other debts, interest rate, and goals all factor in. There's no one-size-fits-all answer, which is exactly why it's worth a conversation. I'm happy to walk through the math and help you figure out if accelerating your payoff aligns with your situation. Let's talk about whether extra payments make sense for you.
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Tip of the Week
Your loan officer can run a credit simulator to show exactly which actions will move your score the most.
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Tips for Homeowners
Year-End Tax & Mortgage Planning
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1.
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Consider making your January mortgage payment in December to get an extra month of deductible interest in the current tax year (consult your tax advisor first).
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2.
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If you plan to sell next year, now is a good time to document improvements — receipts and records add to your cost basis and reduce taxable capital gain at sale.
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3.
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Review your W-4 withholding if you bought a home this year — your mortgage interest deduction may mean you're having too much withheld from each paycheck.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Eric Swenson
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