| Shave Years, Save Thousands With A Mortgage Overpayment Calculator |
| Articles - Mortgage |
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Unknown to most house owners, the standard 25 year term isn't rigid. It's flexible on your terms.
Unknown to most house owners, the standard 25 year term isn't rigid. It's flexible on your terms. The lenders have manipulated us into thinking that we have to have a 25 year mortgage. As usual it's not us, but the lenders, who benefit from this. They (lenders) very rarely let you know of ways to save thousands of your cash. They say why should we tell you. The fact is most mortgages are ultra flexible. We can pay as much as we can afford every month if we want to. And to be honest we should be doing this as the benefits later on can be huge. If we pay a bit extra every month then this snowballs into a huge return for us later down the line. Sometimes on a massive scale. An average mortgage of 100,000 at 5% interest with a 100 extra paid every month will save you 20 grand later on. Twenty grand aint to be sniffed at. Not only that though, you also shave over 6 years of the 25 year term. So you're now looking at only a 19 year mortgage and a saving of 20 grand. Don't know about you but I'd rather that was in my pocket than your lenders. After the 19 years is up you won't have anything to pay. If you're paying about 680 a month on the above example you pay zilch for the last 6 years. Zero, nothing, nada! Now, this 680 you aren't paying anymore amounts to about 48 grand. All yours to do with as you please. A mortgage overpayment calculator lets you stick all sorts of figures in and at the click of a button will give you an idea of the years you can shave off and the cash you can save. The nice thing is you aren't tied to paying the extra every month. Pay only when you can. Every bit helps. It all adds up to savings later. Now, what are you waiting for, go play with the mortgage overpayment calculator on my site. It's your money, don't give it to them if you don't have to! DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Monty Burn published a bestseller called the Mortgage Bible, grab your FREE copy at his site Mortgage Watchdog or have a play with the mortgage overpayment calculator and shock yourself at how much cash you could save. |