SAVE BY INCREASING MONTHLY PAYMENTS
SAVE $ 38,707.99 on interest charges !!!!
Let us say you take out a mortgage for $ 150,000.00 at a rate of 7 % and Amortized over 25 Years.
Your payments would be $ 1050.62 per month for 25 years.
You would have paid $ 315,188.93 of which $ 165,188.93 was interest.
Most lending institutions will let you increase your payments by 10% $ 1,050.62 + 10% = $ 1,155.68 per month.
You would have paid $ 276,480.94 of which $ 126,480.94 was interest.
You would have SAVED $ 38,707.99 on interest charges.
You paid off your Mortgage 5 years sooner.
