How Can I Pay Less Interest?
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  • How Can I Pay Less Interest?
  • When you look at the amortization schedule of paying off your mortgage it can look quite alarming! 30 years is a long time to keep paying on a mortgage but a 15 year mortgage can strap a monthly budget.
  •    A simple way to shave years off your mortgage without breaking the bank is to pay one extra payment a year. This payment does not need to be in one lump sum, but can be spread accross the entire year. An easy tip is to take one monthly payment, divide it by 12, and add that amount to your regular monthly payment budget.
  •    Be sure to check with your lender that the additional part of the payment is applied to principal only, and eliminate years off your loan term!  
Basic Info
  • Your Home Loan Health Care.
  • Reducing your blood pressure or reducing your mortgage term could be two very wise life decisions. 
  • Using a basic loan amount of $100,000 at an interest rate of  4.5%, the principal and interest payment for a 30 year loan would be $506.69
If you add $100 to your payment each month, you would be able to eliminate 102 months off the life of your loan with a savings of $26,377.76

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