Most American believe that they will have a car payment and a house payment for the rest of their lives. But if you get a plan and a little discipline you don’t have to be in that majority. You plan should be to make additional principal contributions to your fixed-rate mortgage which will shorten the term and save you thousands of interest.
If you just pay an additional $100 every month on your loan principal, and let’s use $175,000 as a mortgage amount, you will shorten the mortgage term by five or six years! If you pay $200 every month on your loan principal, it will shorten by 9 years. An additional $459 shortens it to 15 years. Wow! Talk about saving money in a big way! CONTINUE READING--->