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How to Save money with your home
This is a rather long post, and I'm sorry.. YES it includes math.  However, if you read through it, you may find it helpful, I know many of my friends have.   This is also a previous post from another blog of mine. 
 
How to save money with your home:
Did you know that you can make additional payments toward the principal on your mortgage? It's true, and I suggest you do it!  Here's why:By making just one extra payment per year toward your principal, you will effectly shorten the time for payoff from 30 years to 22 years.How can this save you money???Besides the benefit of building extra equity into your home, lets look at the savings.We'll use a $100,000 mortgage as an example: (This is disregarding property/school taxes and insurance for the sake of simplicity)Mortgage Amount: $100,000Term, 30 years: 360 monthsInterest Rate: 6.5%Monthy Payment: $632.07The total paid over 30 years would be $227,544.49 (meaning you are paying $127,544.49 in interest!)NOW, lets look at the same loan with ONE extra payment per year.  We'll divide the payment by 12, so we pay a portion of it each month.Mortgage Amount: $100,000Term is reduced to: 264 monthsInterest Rate: 6.5%Monthly Payment: $632.07+ Extra payment: $52.67Total ... more

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