How To Save Thousands Of Dollars In Interest And Pay Your Mortgage Off Up To 50% Faster!
Most People think when you get a mortgage you’re stuck with it for 30 years, but what they don’t realize is by using a couple of easy and painless ways to make some extra principle payments you can cut years off the life of your mortgage and save thousands of dollars in needless interest costs.
Here are a couple of easy strategies you can use:
Round up to the nearest hundred
This is an easy strategy to take advantage of, and the results are dramatic! Let’s say you have a mortgage of $250,000 over 30 years at 8% interest. The monthly payments would be about $1,811.78 dollars a month. Now, let’s see what would happen if you rounded that payment to the next $100 by increasing your payment by $88.22 extra each month. Just this one simple strategy will save you over $74,000 in interest payments over the life of your mortgage, but it will also shorten the length of your mortgage by 4 years and 8 Months!
Use Your Income Tax Refund To Make One Time Pre Payments
Let’s say you have that same $250,000 mortgage, and you have a $1,000 tax refund this year. This is very possible with your new homeowner deductions. If you take that $1,000 and apply it to your mortgage…you’ll save over $8,500 in interest and shorten your mortgage by 5 months! Not bad for a simple one time payment.
If you get a $1,000 refund from tax credits from RSP contributions made every year, throughout the years and apply that $1,000 to your mortgage every year, the power of accelerating interest cancellation, similar to compound interest (working in reverse) will save you more money and more time every single year……you’ll save over $68,000 in interest and shorten your mortgage by 4 years and 4 months! Not bad for a simple one time annual payment.
Start Out With a 20Year Mortgage
One of the best things you can do — if you can afford it — is to start out with a 20year mortgage instead of 30. It’s actually not that much more expensive, and the interest you save is incredible. With the same $250,000 mortgage at 8% over 20 years, your monthly payment would be about $260 more ($2070.89) and you would be paying approx. $247,000 in interest over the life of your mortgage instead of approx. $402,000! that’s a whopping $155,000 in interest savings.
Use The SMARTEquity™ Program?
SMARTEquity™ is the most effective, simple and flexible way to pay off your mortgage in record time, saving obscene amounts in interest payments along the way. With the same $250,000 mortgage at 8% over 30 years, your monthly payment would be about $1,811.78. and you would be paying approx. $402,000 in interest over the life of your mortgage. Using the SMARTEquity™ strategy and without any changes to your monthly payment of $1,811.78 or the 30 year amortization you could pay as little as $193,00 in interest instead of approx. $402,000! that’s a fantastic savings of approx. $209,000 in interest savings and shortened the payoff time to just 16 years. That’s worth considering.
The payments and savings described above may differ based on individual circumstances. Contact us for a personal analysis.
To calculate your own potential SMARTEquity™ savings and to get an overview of how the strategy works from the privacy of your own home just click on this SMARTEquity™ link.
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Discover How I Can Help You Save up to 50% of the Time You take to Pay Off Your Mortgage.
In your free consultation you will discover…
- How to ensure quick approval for your financing
- How to qualify for easy and comfortable monthly payments
- How to avoid the costly financing pitfalls
- How to get the required financing you need and deserve
- How to save up to 50% of the time it takes to pay off your mortgage
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Call: 877.736.1876
Email: matthewhines@homenwork.com
Unsure What To Do Next?
Reserve Your Free No Obligation Consultation Today by completing the form to your right:
In your free consultation you will discover…
- How to ensure quick approval for your financing
- How to qualify for easy and comfortable monthly payments
- How to avoid the costly financing pitfalls
- How to get the required financing you need and deserve
- Which mortgage products you qualify for or best suite your needs
- What your Maximum Purchase Price
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