Difference or benefit of making an extra mortgage payment

[Michael Evans]

Hello BP,

I have a question, is there any difference or benefit in making an extra mortgage payment monthly ($1,000) or just paying a large payment equivalent to 12 months ($12,000) at the end of the year? These are payments outside of the required payment, I am working the snowball pay down method for one of my mortgages and was wondering which route would be beneficial. Thanks in advance!

[Jay Hinrichs]

1000 a month will save you some interest .. over paying lump sum annually