Paying off your mortgage early may be a consideration

By
Real Estate Broker/Owner with Crossroads Real Estate LLC
It can save you money if you pay extra on your mortgage every month. This example uses a $100,000 loan at a 5.25% interest rate.

This file was created using Lotus 1-2-3 on 11/12/2010 at 11:36:54 AM

Annual Loan Payments  $6,626.40

Monthly Payments  $552.20

Interest in First Calendar Year  $5,216.39

Interest Over Term of Loan  $98,792.00

Sum of All Payments  $198,792.00

Paying about $50 more a month will pay your loan off in 25 years and save you $19,000 in interest.

Annual Loan Payments $7,191.00
Monthly Payments $599.25
Interest in First Calendar Year $5,202.60
...Interest Over Term of Loan $79,775.00
Sum of All Payments $179,775.00

Paying about $120 a month more will pay your loan off in 20 years and save you about $37,000 in interest.

Annual Loan Payments $8,086.08
Monthly Payments $673.84
Interest in First Calendar Year $5,180.75
Interest Over Term of Loan $61,721.60
Sum of All Payments $161,721.60
Posted by

Ez1 Realty cutting edge technology from New Home Construction to finding the old farm house...

I give customers and clients a service none of the national web sites will ever offer.  I will be with you from the day you List your home, or begin your search all the way to a successful closing.  Fulfilling all your Real Estate needs in Shebiygan, Fond du Lac, Milwaukee, Ozaukee  and Washington County areas with the highest degree of expertise and technology.  

  Ez1Realty.net   Ez1Realty Linkedin  Ez1Realty Youtube     American History Vote on Bills in front or Congress  My own Bookstore

 

Dennis Herman Realty Home Town Realty Home Town Realty,N3091 State Rd. 67 Campbellsport, WI 53010

Phone: 414-426-1784  Fax: 888-645-2580

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Tags:
paying off your mortgage early may be a consideration

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
93,559
Lorraine Sayer
Monument, Black Forest, Falcon, Fountain homes - Colorado Springs, CO
Realtor ABR,CDPE,GRI - Colorado Springs,CO RE/MAX

Hi Dennis: it's easier to see the value when it's put into hard core numbers like you've done here.  Thanks for showing us!

Nov 12, 2010 05:47 AM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
223,195

Dennis Herman

Dennis Herman
Ask me a question
*
*
*
*
Spam prevention

Additional Information