Paying Off A Mortgage Faster & Saving $$$ On Interest
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To pay your mortgage faster, some lenders offer an option to pay half payments every 2 wks instead of monthly full payments. (Like making 13 payments/yr.) Do it yourself by paying extra ea month toward the principle. Divide your normal payment by 12 & add that much or more to ea. monthly payment.
Check with your lender about how to submit extra payments. Your mortgage will be paid off faster & you will save thousands in interest over the years. Use an online mortgage calculator to see how much you can save by paying $50, $100 or $200 more ea. month.
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Thinking of refinancing your home at a lower interest rate? or paying extra on your principal to pay off your mortgage early? Use an online amortization calculator to see what you can save in interest & in months (or years) of payments. If you already have a mortgage, put the total you owe now for the loan amount & the number of months you have left for the term. Change the interest rate or add an extra payment to calculate what you will pay and for how long. Pay.... (click title for more)
special attention to the bottom line, the total interest you will save by lowering interest or the number of payments. ALSO SEE 1ST COMMENT! Two onllne calculators: http://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx
Check your local banks but you can also do direct banking with many banks nationwide. Over the years, I have found great interest rates on CDs, IRAs, Money Market accounts and savings accounts. Check out bankrate.com. Costco offers great banking services, too... (click on title for more info)
Also check out local credit unions for savings rates & rates on mortgages & other loans. I was able to refinance my mortgage with a lower interest rate w/ no closing costs at my credit union & saved thousands by paying it off early.
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