Real Estate Expertise and Home Search

Example of Savings When Making Extra Principal Payments

Posted by Chris and Patty Clark on Monday, February 13th, 2012 at 3:04pm.

Great InvestmentGreat Investment
If you invest in a savings account, you'll make less than 1% and will have to pay income tax on the earnings

. On the other hand, contribute something extra to your house payment on a regular basis and you'll essentially, earn at the mortgage interest rate which is certain to be more than you're earning in the bank.


Making additional principal contributions on your mortgage will save interest, retire debt and build equity. An extra $100 a month in the example shown will save thousands in interest and short the term of the mortgage as well.




Reducing your cost of housing is another way to improve the investment in your home. Becoming debt-free is a worthy goal that is achieved with discipline and good decisions. Suggestions like this are part of my commitment to help people be better homeowners when they buy, sell and all the years in between.
           

Chris and Patty Clark  - CRS, MRE, GRI, WCR,CNE,SFR

Broker/Owner

Morningside Homes - Metro Brokers

Doing business since 1979

Cell: 720-231-5200

Fax: 303-484-5222

patty@morningsidehomes.com

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