Save $100K On Your Next Home
Saving $100K on your next home sounds crazy, right?
Savings like this can be life-changing and could allow you to do so much more with your future plans.With just a few tweaks to your game plan, it is actually possible.
Here are three ways to save you thousands on your next home!
Increase Your Monthly Checks by One-Twelfth
Some people do not know this, but the largest part of your early year payments go toward paying interest. If you pay a little extra on your principal now, this will make a significant amount of savings down the road.
The additional 1/12th of your monthly payment will decrease the balance on your current principal and likely avoid some of those interest charges.
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Make One Extra Payment Per Year
If you get an annual bonus or a nice size tax return check, use it to pay one extra mortgage payment each year. You will cut the life of the loan significantly and save thousands in interest.
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Pay Half of Your Monthly Payment Bi-Weekly
This takes a little more effort, but you could authorize an automatic transfer from your checking account to savings account bi-weekly. You will have made 26 half payments, which will become 13 full payments at the end of the year without even realizing it!
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Look How Much You Can Save
(The table below is an example using $200,000 30-year home loan with an interest rate of 5%)
Additional Monthly Payment Total Savings
$100 $37,069
$200 $61,160
$300 $78,258
$400 $91,095
$500 $101,121
Calculate how much you can save on your own mortgage using this mortgage payoff calculator!If you have any real estate questions or would like some guidance on getting pre-qualified and finding the right lender, please call or email us today!
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