| 25 Year Mortgage -Reduce It With Our Mortgage Overpayment Calculator |
| Articles - Mortgage |
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Let me come straight to the point. You do not have to period your mortgage over 25 years. When you are setting up your mortgage at the outset you are given an option of how many years you wish the mortgage to be paid over.
Let me come straight to the point. You do not have to period your mortgage over 25 years. When you are setting up your mortgage at the outset you are given an option of how many years you wish the mortgage to be paid over. You probably cannot begin to imagine how many years you could shave off your mortgage by paying just a little bit more each month. A little more can save a lot more. The beauty of our Mortgage Overpayment Calculator is that you can see immediately the savings you can make by overpayments. Okay you may not have given this any thought but let's take a quick look at some figures to reduce your term. We'll take an arbitrary mortgage loan of 120,000 with a 6% interest rate over 25 years. Let's say you can afford to pay an extra 50 a month off your mortgage. That extra 50 a month would reduce your term by almost 3 and a half years. Imagine how you'd feel if your mortgage lender told you they was going to cut off 3 and a half years from your mortgage so you could enjoy more of life. Not in your wildest dreams is your mortgage lender going to reduce your mortgage term and you know it. But you can at least have some fun seeing what paying off your mortgage early could do for you. The good news is that you do not have to rely upon your mortgage lender to make life easier for you by reducing your mortgage term. Just use our Mortgage Overpayment Calculator and see the effect it can have on your mortgage. You don't have to be a mathematician to use our calculator as all you need do is insert a few figures and the calculator gives you a readout of how many years you can shave off your mortgage term. There is more good news as you can have the satisfaction of paying less money to your mortgage lender than you will do currently by not making any overpayments. The mortgage lenders would rather you pay over a longer period so they make more money from you. So now you can gain control and dictate when you pay off your mortgage. All you have to do once you have used our Mortgage Overpayment Calculator is think how you are going to spend the mortgage payments that you don't have to pay for the 3 and a half years you save. It isn't often you get the opportunity to make a difference to your life but by making overpayments to your mortgage is one such opportunity that you have control over. If our Mortgage Overpayment Calculator provides fun using it, think of the fun you'll have being mortgage free. Go and try it out now. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Monty Burn published a bestselling book called the Mortgage Bible, download your FREE copy at his site Mortgage Watchdog or have a play with the mortgage overpayment calculator and surprise yourself at how much money you could save. |