Special offer

How Five Dollars a Day Can Save You Thousands on Your Home Loan

By
Real Estate Agent with KW Vermont

Most of us love to get that coffee and bagel in the morning as it tastes great, gets our day going, and only costs about $5, generally.  This may not seem like a lot of money but when looked at in a different context ti could be.  Let's say you have a nice Burlington Vermont Condo that you purchased for $214,000, with $47,000 down and a 30 year fixed-rate of 4.25%.  If you were to reduce your daily expenditures by just $5 each day (with our coffee example or otherwise) and apply that $150/month on top of your monthly mortgage payment to reduce the principal more quickly, you could save thousands in interest and mortgage insurance  and pay off your balance many years sooner.  Look at this helpful inforgraphic, below, to give you an idea of how a small daily savings could make a big difference to your bottom line!

Comments (1)

Sharon Lord
Maracay Homes - Peoria, AZ
New Home Advisor

David - LOVE the graphic!  Heh!  

I keep telling this to my husband - we are building a new home, and I'm trying to get him to cut out the daily Dunkin' Donuts stop...!!!

Nov 25, 2013 04:57 AM