Real Estate Saving Strategies: Pay Down Principle
$199,000 house for sale in Boise
Fabulous ways to save BIG $$$ on your Home Mortgage!
Last week we looked at securing a good interest to save you $1,000’s.
The next best way to save money on your home mortgage is to pay more down on your principle. Even if it is only a small amount each month “JUST DO IT” you will save more than you might think.
Take a look at this:
Let’s consider a $200,000 mortgage at 6%. If you pay just one twelfth (1/12) of your monthly mortgage payment extra toward principle each month, in this case only $116 per month, you will save yourself about $55,000. !!SWEET!! That number will vary slightly depending on your individual property tax and insurance costs.
Not only will you save $55,000, you will also FINISH paying your loan off 73 months early. That is over six years!! Years of your life that you won’t have to worry about “The Mortgage Payment”.
Note: Each person is under different circumstances. Some may want to pay down more and some less. The most important thing is to do something. It is super easy to set up with your mortgage company and should only take a couple minutes. And you will never look back.
If you want to know how different amounts can affect your bottom line. Check out my website at www.fabulousidahorealestate.com and look for the mortgage payoff calculator on the bottom right corner of my home page. It is pretty cool to see how much you can save.
Next week we will discuss why you may not want to sign up for a bi-weekly payment plan.
For more information contact:
Fabulous Idaho Real Estate
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