Small extra payments on your mortgage do make a difference. Mortgage debt carries the most amount of
stress for most families. So, why is it that most people do not invest every cent they have into their mortgage. It is a sin to pay off your 25 year mortgage in 25 years. There is a better way!
Let’s look at a “typical” mortgage. Without any scientific basis, If I would guess, the average mortgage is $235,000 and the average 30 year fixed mortgage rate is 3.42%.
So, let’s use those numbers. We’ll look at a 30 year fixed mortgage at 3.42% that borrows $235,000. Under those conditions, a person will be paying $1,044.79 per month for the next 360 months. That’s assuming they make the minimum payments on that mortgage over the entire term. They end up paying a total of $141,123.93 in interest over the course of the loan.
Now, what if a person adds just $1 as an extra payment each month for the entire loan?...Read More
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