{"id":2734,"date":"2018-12-26T11:00:00","date_gmt":"2018-12-26T11:00:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/how-to-save-thousands-of-dollars-in-interest-on-your-mortgage\/"},"modified":"2018-12-26T11:00:00","modified_gmt":"2018-12-26T11:00:00","slug":"how-to-save-thousands-of-dollars-in-interest-on-your-mortgage","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/how-to-save-thousands-of-dollars-in-interest-on-your-mortgage\/","title":{"rendered":"How to Save Thousands of Dollars in Interest on Your Mortgage"},"content":{"rendered":"
\n

\"How<\/p>\n

One of the most common loans you can get to buy a home is a 30-year fixed rate mortgage. If the thought of paying for your home over the course of 30-years seems daunting, here are some easy ways to shorten that term which will actually end up saving you money over the life of your loan.<\/span><\/p>\n

Any additional payments<\/a> to the principal<\/a> amount (the original sum of money borrowed in a loan), helps to cut down the amount of interest that you will pay over the life of your loan and can also help to shave years off the loan as well.<\/p>\n

When you make \u2018extra\u2019 payments toward your loan, the key is to let your lender\/bank know that you want the extra funds to go toward your principal balance as they will not automatically do this for you.<\/p>\n

You don\u2019t have to double your mortgage payment to make a big difference either!<\/p>\n

If you have a 30-year mortgage on a median-priced home ($250,000) with a 5% interest rate, you\u2019ll be responsible for a $1,342.05 monthly principal and interest payment. Over the course of the loan, if you pay your exact monthly payment, you will have paid $233,133.89 in interest alone!<\/p>\n

Paying a Little Extra Can Pay Off Big<\/strong><\/h4>\n

1. Pay an additional 1\/12th<\/sup> of your mortgage payment every month<\/strong><\/h4>\n

Benefit:<\/strong> In the example above, adding $111.84 to your monthly mortgage payment might not seem like a lot, but each year you will have paid one extra month\u2019s worth of payments which will shorten the term of your loan by 4 years and 8 months, all while saving you $42,000 in interest!<\/p>\n

2. Pay an additional $50 per month towards your mortgage<\/strong><\/h4>\n

Benefit:<\/strong> Fifty dollars might not seem like enough to make a difference on the term of your loan, but that small amount will save you over $21,000 in interest and will take over 2 years off the end of your loan. Twenty-eight years from now, you\u2019ll be happy to pay off your loan that much sooner!<\/p>\n

3. Make one-time lump sum payments when you can<\/strong><\/h4>\n

Benefit:<\/strong> If you find yourself with a little extra money after a yearly bonus, a tax return, or from investment dividends, paying that money towards the principal can cut your costs. This option, however, is less predictable than the extra monthly payments.<\/p>\n

If you have higher interest debts, like credit cards, consider using any extra funds you have to pay those debts down before applying that money towards your mortgage. Also, if you do not plan on staying in your home for more than 10 years, paying extra toward your mortgage might not make sense.<\/p>\n

Bottom Line<\/strong><\/h3>\n

If you\u2019re wondering what strategies would work best for you to shorten the term of your loan, let\u2019s get together to answer your questions.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

One of the most common loans you can get to buy a home is a 30-year fixed rate mortgage. If the thought of paying for your home over the course of 30-years seems daunting, here are some easy ways to shorten that term which will actually end up saving you money over the life of […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,104,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nHow to Save Thousands of Dollars in Interest on Your Mortgage - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/how-to-save-thousands-of-dollars-in-interest-on-your-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Save Thousands of Dollars in Interest on Your Mortgage - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"One of the most common loans you can get to buy a home is a 30-year fixed rate mortgage. 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