Article: What Your Mortgage Lender Is Not Telling You About Accelerated Mortgages
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What Your Mortgage Lender Is Not Telling You About Accelerated Mortgages
For years, mainstream banks and financial advisors have been recommending that you pay extra cash into your mortgage account in order to cut down the huge interest amount and reduce the period over which you pay back the loan.
For example, if you borrow $200,000 over 30 years at a rate of 5%, your monthly repayments would be around $1074. Over 30 years, you would actually pay $1074 x 360 (months), which is $386,640. That's a of $186,640 in interest!
Now if you could find an extra $246 a month, and pay $1320 a month into your mortgage account, you would cut 10 years off the repayment period - the loan would be fully paid in only 20 years instead of 30 years. Moreover, your total payments would be $316,664 -saving you $69,756! Looks like BIG savings for you righ...
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