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How does the total amount of interest paid at the end of your loan compare with the amount of the mortgage?
Please give an absolute comparison and a relative comparison.
Example: If you have a $200,000 mortgage at 6% on a 30 year term your payment will be $1199.10. Multiply that by 360 months (30 years) and your total amount paid will be $431,676.38. Over double the amount of the mortgage.
Now thats saying that you pay all payments on time every month and never refinance.
There are bi-weekly payment plans that will shorten the length of the term thus making the interest paid lower. Also sending in extra payments once a year or so will also deduct from the interest paid.
There are new programs out there known as Mortgage Accelerators that drastically reduce the interest paid without having to pay extra payments all the time.
I have a great program that will show you how to pay off your 30 year mortgage (Even an interest only!) in as little as 8-12 years without refinancing, without changing your current budget, and with little or no change to your current lifestyle.
If you’d like to know more drop me a line.