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Add A Few Dollars To Your Mortgage Payment
By Terry J. Rigg, Fri Dec 9th
Many of us don't believe that a few dollars can make a bigdifference. In a lot of cases that is true. But when it comes tomortgages or any other type of loan, a few extra dollars cansave you Big Bucks. The chart below gives examples of three different loan terms andwhat paying between $75 to $100 more a month would do to themortgage. It is based on a $100,000.00 loan at 7% interest. ----------------------------------------------------------------YearsInt Rate Payment InterestTotal of PaymentsSavings
307% $665.30$139,508.00$239,508.00 N/A Round Payment to $750.00$93,994.86$193,994.86$45,513.14This loan would be paid off in259 months instead of 360. ----------------------------------------------------------------207% $775.30$86,072.00$186,072.00 N/A Round Payment to $850.00$69,409.58$169,409.58 $16,662.42This loan would be paid off in199 months instead of 240.----------------------------------------------------------------157% $898.93$61,789.40$161,789.40 N/A Round Payment to $1000.00$50,517.67 $150,517.65 $11,271.73This loan would be paid off in151 months instead of 180.---------------------------------------------------------------- By adding $84.70 to your 30 year loan you can save $45,513.14and pay the loan off in 21 1/2 years. By adding $74.70 to your 20 year loan you can save $16,662.42and pay the loan off in 16 1/2 years. By adding $101.07 to your 15 year loan you can save $11,271.73and pay the loan off in 12 1/2 years. You can also see by the chart that obtaining a shorter loan termwhen you buy your house can save a lot of money. There are a couple of things that you need to check. First isthat your loan agreement doesn't allow the loan company tocharge penalties for early payment. Secondly, if you itemizeyour federal income taxes and deduct interest, payingless interest will mean a lower deduction. I
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believe it is safeto say that the interest savings will far outweigh the taxsavings. Even if you don't have $75 to $100 a month to add to yourmortgage payment, even $25 would save a lot. If you would like to have your own Loan Calculator, just visitwww.pine-grove.com to download their Loan*Calculator! Plus. Thisis a free version and has everything the average family can use.It is also the Loan Calculator I have used for several months.Highly Recommended. About the author:Terry Rigg is the author of Living Within Your Means - The EasyWay http://www.homemoneyhelp.com/ebookadpage.html and editor ofThe FREE Budget Stretcher Newsletter and Budget Stretcher website http://www.homemoneyhelp.com. He has 25 years of experiencecounseling individuals and families concerning their personalfinances.
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