Add A Few Dollars To Your Mortgage Payment
...... save $11,271.73 and pay the loan off in 12 1/2 years.
You can also see by the chart that obtaining a shorter loan term when you buy your house can save a lot of money.
There are a couple of things that you need to check. First is that your loan agreement doesn't allow the loan company to charge penalties for early payment. Secondly, if you itemize your federal income taxes and deduct mortgage interest, paying less interest will mean a lower deduction. I believe it is safe to say that the interest savings will far outweigh the tax
savings.
Even if you don't have $75 to $100 a month to add to your mortgage payment, even $25 would save a lot.
If you would like to have your own Loan Calculator, just visit www.pine-grove.com to download their Loan*Calculator! Plus. This is a free version and has everything the average family can use. It is also the Loan Calculator I have used for several months. Highly Recommended.
About the Author Terry Rigg is the author of Living Within Your Means - The Easy Way http://www.homemoneyhelp.com/ebookadpage.html and editor of The FREE Budget Stretcher Newsletter and Budget Stretcher web site http://www.homemoneyhelp.com. He has 25 years of experience counseling individuals and families concerning their personal finances.
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