Most of us have heard that it is a good idea to make an extra payment on our home mortgage. But do you really know how much of a difference it can make to your financial future?
Here is an Example…
Let’s say your mortgage is a new 30 year fixed rate loan at 3.5% interest for the amount of $350,000. If you pay just $100 extra towards the principal each month you will have $24,000 in interest savings and shorten the loan by over 3 years! That is a lot of Benjamins!!
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