Many of us don't believe that a few dollars can make a big
difference. In a lot of cases that is true. But when it comes to
mortgages or any other type of loan, a few extra dollars can save
you Big Bucks.
The chart below gives examples of three different loan terms and
what paying between $75 to $100 more a month would do to the
mortgage. 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 in 259 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 in 199 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 in 151 months instead of 180.
----------------------------------------------------------------
By adding $84.70 to your 30 year loan you can save $45,513.14
and pay the loan off in 21 1/2 years.
By adding $74.70 to your 20 year loan you can save $16,662.42
and pay the loan off in 16 1/2 years.
By adding $101.07 to your 15 year loan you can save $11,271.73
and pay the loan off in 12 1/2 years.
You can also see by the chart that obtaining a shorter loan term
when you buy your house can save a lot of money.
There are a couple of things that you need to check. First is
that your loan agreement doesn't allow the loan company to
charge penalties for early payment. Secondly, if you itemize
your federal income taxes and deduct mortgage interest, paying
less interest will mean a lower deduction. I believe it is safe
to say that the interest savings will far outweigh the tax
savings.
Even if you don't have $75 to $100 a month to add to your
mortgage payment, even $25 would save a lot.
If you would like to have your own Loan Calculator, just visit
www.pine-grove.com to download their Loan*Calculator! Plus.
This is 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 Easy
Way http://www.homemoneyhelp.com/ebookadpage.html and editor
of The FREE Budget Stretcher Newsletter and Budget Stretcher
web site http://www.homemoneyhelp.com. He has 25 years of
experience counseling individuals and families concerning their
personal finances.
2nd Mortgage
...
2nd-mortgage.html
Ameriquest Mortgage
...
ameriquest-mortgage.html
Argent Mortgage
...
argent-mortgage.html
Bad Credit Mortgage
...
bad-credit-mortgage.html
California Mortgage
...
california-mortgage.html
Chase Manhattan Mortgage
...
chase-manhattan-mortgage.html
Chase Mortgage
...
chase-mortgage.html
Countrywide Mortgage
...
countrywide-mortgage.html
Current Mortgage Interest Rate
...
current-mortgage-interest-rate.html
Current Mortgage Rate
...
current-mortgage-rate.html
Exclusive Mortgage Lead
...
exclusive-mortgage-lead.html
Florida Mortgage Company
...
florida-mortgage-company.html
Florida Mortgage
...
florida-mortgage.html
Florida Refinance Mortgage
...
florida-refinance-mortgage.html
Free Mortgage Lead
...
free-mortgage-lead.html
Gmac Mortgage
...
gmac-mortgage.html
Green Point Mortgage
...
green-point-mortgage.html
Home Mortgage Banker
...
home-mortgage-banker.html
Home Mortgage Calculator
...
home-mortgage-calculator.html
Home Mortgage Interest Rate
...
home-mortgage-interest-rate.html
Home Mortgage Loan California
...
home-mortgage-loan-california.html
Home Mortgage Loan
...
home-mortgage-loan.html
Home Mortgage Rate
...
home-mortgage-rate.html
Home Mortgage Refinancing
...
home-mortgage-refinancing.html
Home Mortgage
...
home-mortgage.html
Interest Only Mortgage
...
interest-only-mortgage.html
Internet Mortgage Lead
...
internet-mortgage-lead.html
Lowest Mortgage Rate
...
lowest-mortgage-rate.html
Mortgage Banker Association
...
mortgage-banker-association.html
Mortgage Broker Lead
...
mortgage-broker-lead.html
Mortgage Broker
...
mortgage-broker.html
Mortgage Calculation
...
mortgage-calculation.html
Mortgage Calculator
...
mortgage-calculator.html
Mortgage Company
...
mortgage-company.html
Mortgage Interest Rate
...
mortgage-interest-rate.html
Mortgage Irwin
...
mortgage-irwin.html
Mortgage Job
...
mortgage-job.html
Mortgage Lead Generation
...
mortgage-lead-generation.html
Mortgage Lead
...
mortgage-lead.html
Mortgage Lender
...
mortgage-lender.html
Mortgage Loan Calculator
...
mortgage-loan-calculator.html
Mortgage Loan For Bad Credit
...
mortgage-loan-for-bad-credit.html
Mortgage Loan Lead
...
mortgage-loan-lead.html
Mortgage Loan
...
mortgage-loan.html
Mortgage Payment Calculator
...
mortgage-payment-calculator.html
Mortgage Rate Calculator
...
mortgage-rate-calculator.html
Mortgage Rate
...
mortgage-rate.html
Mortgage
...
mortgage.html
National City Mortgage
...
national-city-mortgage.html
Option One Mortgage
...
option-one-mortgage.html
Principal Residential Mortgage
...
principal-residential-mortgage.html
Refinance Home Mortgage
...
refinance-home-mortgage.html
Refinance Mortgage Loan
...
refinance-mortgage-loan.html
Refinancing Mortgage
...
refinancing-mortgage.html
Reverse Mortgage
...
reverse-mortgage.html
Second Mortgage
...
second-mortgage.html
Today Mortgage Rate
...
today-mortgage-rate.html
Well Fargo Home Mortgage
...
well-fargo-home-mortgage.html
Well Fargo Mortgage
...
well-fargo-mortgage.html
Wells Fargo Mortgage
...
wells-fargo-mortgage.html
An Infinity Mortgage
About The AuthorJenny Barclay majored in math. and economics, and obtained a masters in viability of ban...
an-infinity-mortgage.html
Refinance Mortgage
...
refinance-mortgage.html
10 Easy But Essential Steps For Home Selling Success
...
10-easy-but-essential-steps-for-home-selling-success.html
10 Ways To Boost Your Credit Score
...
10-ways-to-boost-your-credit-score.html
12 Credit Safety Tips Credit Watch
...
12-credit-safety-tips---credit-watch.html
4 Good Reasons To Get A Refinance Home Loan
...
4-good-reasons-to-get-a-refinance-home-loan.html
4 Things To Watch Out For When Choosing A Mortgage Company
We all know that there are a lot of mortgage companies out there. But how do you know which company...
4-things-to-watch-out-for-when-choosing-a-mortgage-company.html
40 Year Mortgages An Alternative To Interest Only Loans
Interest-only loans are quickly becoming a mainstream loan product. Borrowers who were initially turned-off b...
40-year-mortgages--an-alternative-to-interest-only-loans.html
5 Magic Points Should I Buy Or Rent My Home
...
5-magic-points--should-i-buy-or-rent-my-home.html
5 Things How Credit Report Rating Can Save You From Ficti
Let us see the bigger picture why there is a stirring need to check our credit report rating. To...
5-things-how-credit-report-rating-can-save-you-from-ficti.html
5 Things In Selecting The Best Mortgage You Should Know
About The AuthorPaul Kellum represents a ful...
5-things-in-selecting-the-best-mortgage---you-should-know.html
5 Things To Look For In A Property Appraiser
...
5-things-to-look-for-in-a-property-appraiser.html
5 Tips For Savvy Use Of Your Home Equity Line Of Credit
Tapping your home's equity to pay college e...
5-tips-for-savvy-use-of-your-home-equity-line-of-credit.html
5 Ways To Raise Credit Score
It's not as hard as you think to raise credit score. It's a well known fact that lend...
5-ways-to-raise-credit-score.html
6 Key Points To Evaluate Online Lenders
...
6-key-points-to-evaluate-online-lenders.html
6 Reasons For Investing In Florida Investment Property
...
6-reasons-for-investing-in-florida-investment-property.html
6 Things To Consider Before Refinancing
Perhaps you’re a homeowner in need of some quick cash.Maybe you want to consolidate you...
6-things-to-consider-before-refinancing.html
6 Things You Must Know Before Buying A Home
Before you commit your hard earned dollars to monthly mortgage payments, consider these 6 iss...
6-things-you-must-know-before-buying-a-home.html
6 Ways To Buy Real Estate Without A Deposit
...
6-ways-to-buy-real-estate-without-a-deposit.html
7 Must Know Facts About Free Credit Report
<!--google_ad_client = ...
7-must-know-facts-about-free-credit-report.html
A Beginner S Guide To Buy A House
...
a-beginner-s-guide-to-buy-a-house.html
A Few Points About Interest Rates
...
a-few-points-about-interest-rates.html
A Fresh Start For Family Finances In 2005
While 40% to 50% of us make New Year’s resolut...
a-fresh-start-for-family-finances-in-2005.html
A Guide To Uk Buy To Let Mortgages
...
a-guide-to-uk-buy-to-let-mortgages.html
A Home Loan Can Help You Own Your Dream Home
Owning your dream home need not just be a dream. You can own it with a home loan offered b...
a-home-loan-can-help-you-own-your-dream-home.html
A New Choice For Home Financing Correspondent Lenders
When you begin your search for a new home loan, one of the first t...
a-new-choice-for-home-financing--correspondent-lenders.html
Adjustable Rate Mortgages Understand The Benefits Compa 2
Adjustable rate mortgages can be very tempting to home buyers, yet they carry a great deal...
adjustable-rate-mortgages---understand-the-benefits-compa-2.html
Adjustable Rate Mortgages Understand The Benefits Compa
...
adjustable-rate-mortgages---understand-the-benefits-compa.html
Adjustable Rate Mortgages Offer Alternatives For Home Buyers
About The AuthorW. Troy Swezey is the author of “ADJUSTABLE RATE MORTGAGES OFFER ALTERNATIVES FOR HOME BUYERS....
adjustable-rate-mortgages-offer-alternatives-for-home-buyers.html
Advantages And Disadvantages Of A Reverse Mortgage
...
advantages-and-disadvantages-of-a-reverse-mortgage.html
Adverse Credit Mortgage Loan Persistence Is The Key To 2
People with bad credit that are looking to get a home mortgage loan or to ref...
adverse-credit-mortgage-loan---persistence-is-the-key-to-2.html
Adverse Credit Mortgage Loan Persistence Is The Key To
...
adverse-credit-mortgage-loan---persistence-is-the-key-to.html
All About Secured Homeowners Loans
...
all-about-secured-homeowners-loans.html
All You Wanted To Know Of Bad Credit
...
all-you-wanted-to-know-of-bad-credit.html
Apartment Financing Explained 2
So you’re interested in entering the world of property management? Have you thought about how...
apartment-financing-explained-2.html
Apartment Financing Explained
...
apartment-financing-explained.html
Apartment Loan 101
So you’re interested in going into business as a property manager? Have you given any thought yet to you’ll...
apartment-loan-101.html
Apply For Home Mortgage Loan Online With Bad Credit Th
So, you’ve found the perfect home. You’ve already decided where to place each piece of ...
apply-for--home-mortgage-loan-online-with-bad-credit---th.html
Apply For A Mortgage Keys When Applying For A Mortgage
About The AuthorWritten by Carrie Reeder, Owner of ...
apply-for-a-mortgage--keys-when-applying-for-a-mortgage.html
Apply For Home Mortgage Loan Online With Bad Credit Thi
...
apply-for-home-mortgage-loan-online-with-bad-credit---thi.html
Applying For A Home Loan
By Jakob Jellinghttp://www.cashbazar.comApplying for a home loan may not be the most exciting way to ...
applying-for-a-home-loan.html
Applying For A Home Mortgage Loan Online The Pros And
If you have considered applying for a home loan mortgage online, there ...
applying-for-a-home-mortgage-loan-online----the-pros-and.html
Applying For A Home Mortgage Loan Online The Pros And Cons 2
...
applying-for-a-home-mortgage-loan-online---the-pros-and-cons-2.html
Applying For A Home Mortgage Loan Online The Pros And Cons
...
applying-for-a-home-mortgage-loan-online---the-pros-and-cons.html
Foreclosure Property Deals
...
foreclosure-property-deals.html
Foreclosure Scams To Be Aware Of
...
foreclosure-scams-to-be-aware-of.html
Foreclosures Nationally On The Rise
...
foreclosures-nationally-on-the-rise.html
Fortune 500 Budgeting For Our Personal Lives
...
fortune-500-budgeting-for-our-personal-lives.html
Foster Home Uses Pay Option Mortgage Loan For California
...
foster-home-uses-pay-option-mortgage-loan-for-california.html
Free Money Saving Auto And Home Loan Tips
...
free-money-saving-auto-and-home-loan-tips.html
From Debt To Financial Freedom
...
from-debt-to-financial-freedom.html
Get A Low Apr Mortgage Fast
About The AuthorMr Teddings is an independent a...
get-a-low-apr-mortgage-fast.html
Get Control Of Your Finances
...
get-control-of-your-finances.html
Get Free Mortgage Quotes From Top Colorado Mortgage Brokers
...
get-free-mortgage-quotes-from-top-colorado-mortgage-brokers.html
Get More By Offering Seller Financing
An example of seller financing: Years ago I bought a rental property, and nine mo...
get-more-by-offering-seller-financing.html
Get Out Of Debt
...
get-out-of-debt.html
Get Paid To Market Your Real Estate Business
...
get-paid-to-market-your-real-estate-business.html
Get Rich With Mobile Homes
...
get-rich-with-mobile-homes.html
Get Started Managing Your Money
...
get-started-managing-your-money.html
Get That Low Apr Mortgage Fast
...
get-that-low-apr-mortgage-fast.html
Getting A Home Mortgage Is Quite Simple
...
getting-a-home-mortgage-is-quite-simple.html
Guide To Flexible Mortgages
...
guide-to-flexible-mortgages.html
Guide To Home Equity Loans
...
guide-to-home-equity-loans.html
Guide To Home Improvement Loans
...
guide-to-home-improvement-loans.html
Guide To Home Insurance
...
guide-to-home-insurance.html
Guide To Homeowner Loans
...
guide-to-homeowner-loans.html
Guide To Interest Only Mortgages
...
guide-to-interest-only-mortgages.html
Guide To Loan Terms
...
guide-to-loan-terms.html
Guide To Mortgage Terms
...
guide-to-mortgage-terms.html
Guide To Mortgages In The Uk
...
guide-to-mortgages-in-the-uk.html
Guide To Mortgages
...
guide-to-mortgages.html
Guide To Remortgages
...
guide-to-remortgages.html
Guide To Secured Loans
...
guide-to-secured-loans.html
Helpful Hints For First Time Home Buyers
...
helpful-hints-for-first-time-home-buyers.html
Mortgage For Those Twilight Years
...
mortgage--for-those-twilight-years.html
Mortgage Rehabilitation Of Financial Helplessness
About The AuthorAmanda Thompson holds a Bachelor’s degree in Commerce from CPIT and has completed ...
mortgage--rehabilitation-of-financial-helplessness.html
Mortgage Amortization
A mortgage is a technique that is used to create a lien on real estate by a co...
mortgage-amortization.html
Mortgage Consumer Bill Of Rights
About The AuthorSyd Johnson is the Executive Editor of RapidLingo.com, the Mortgage and Real Estate Finan...
mortgage-consumer-bill-of-rights.html
Mortgage Cycling Brilliant Or Risky
...
mortgage-cycling--brilliant-or-risky.html
Mortgage Definitions
About The AuthorJeff Anderson knows his mortgages. He...
mortgage-definitions.html
Mortgage Free In 15 Years
About The AuthorCopyright 2004, by LoanResources.NetTom Levine provi...
mortgage-free-in-15-years.html
Mortgage Glossary Of Terms
...
mortgage-glossary-of-terms.html
Mortgage Information Refinancing Second Mortgage Home
A mortgage is usually the biggest purchase that an individual makes, and because of that, many people tend to ge...
mortgage-information---refinancing--second-mortgage--home.html
Mortgage Information
...
mortgage-information.html
Mortgage Insurance Plans How Good Is Yours
...
mortgage-insurance-plans--how-good-is-yours.html
Mortgage Life Insurance
...
mortgage-life-insurance.html
Mortgage Loan Information Know The Basics When You Refi 2
...
mortgage-loan-information---know-the-basics-when-you-refi-2.html
Mortgage Loan Information Know The Basics When You Refi
...
mortgage-loan-information---know-the-basics-when-you-refi.html
Mortgage Prepayment Penalties Just Say No 2
About The AuthorJakob Jelling is the founder of http://www.cashbazar.com. Visit...
mortgage-prepayment-penalties---just-say-no-2.html
Mortgage Prepayment Penalties Just Say No
One of the most common terms found in a new home loan is a prepa...
mortgage-prepayment-penalties---just-say-no.html
Mortgage Reduction Solutions
...
mortgage-reduction-solutions.html
Mortgage Sales Hit Problems
...
mortgage-sales-hit-problems.html
Mortgages After Bankruptcy Easier Than You D Expect
Many American consumers fear that they won't be able to get a good mortgage if they claim bankruptcy. In fact, more le...
mortgages-after-bankruptcy--easier-than-you-d-expect.html