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hi all, im relatively new here, but anther thread reminded me of something that i found HUGELY helpful for me in the past.
Mortgage Payment Calculator from Move
this mortgage calculator will show how much interest vs. principal you will pay over the life of a mortgage. any early payment will skip you ahead in the future, of course, saving interest payment of that year.
i know this is pretty ABC, and most of you might have already done this, but you'd be surprised at A) how many people havent done this to their own mortgage, and B) how effective it can be in both VISUALIZING the issue, and helping to understand(thus pay down) a mortgage. it seems a common issue in alot of threads is "should i pay down my mortgage?", so i thought i'd post this link. plug your numbers in, switch to YEARLY, and there you have it. its pretty astounding how much money you will save, and especially if you pay EARLY n the life of the mortgage. example: 10k paid in the first 3 years of a 200k mortgage, vs LAST 3 years of a mortgage will save about 30k vs. 4k. its an easy way to calculate exactly how much you will save in interest by extra principal payments.
Mortgage Payment Calculator from Move
this mortgage calculator will show how much interest vs. principal you will pay over the life of a mortgage. any early payment will skip you ahead in the future, of course, saving interest payment of that year.
i know this is pretty ABC, and most of you might have already done this, but you'd be surprised at A) how many people havent done this to their own mortgage, and B) how effective it can be in both VISUALIZING the issue, and helping to understand(thus pay down) a mortgage. it seems a common issue in alot of threads is "should i pay down my mortgage?", so i thought i'd post this link. plug your numbers in, switch to YEARLY, and there you have it. its pretty astounding how much money you will save, and especially if you pay EARLY n the life of the mortgage. example: 10k paid in the first 3 years of a 200k mortgage, vs LAST 3 years of a mortgage will save about 30k vs. 4k. its an easy way to calculate exactly how much you will save in interest by extra principal payments.
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