Mortgage Pay Off Early

Learn How to Pay Off Your Mortgage Early

Financial Information was founded in 1988 to show consumers how to simple it is to save money on your home mortgage. This site will outline several plans on how to prepay your mortgage without incurring any additional costs. Further it will show you how not to get ripped off by companies offering to turn your [...]

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Prepay Your Mortgage to Save Thousands of Dollars

Many people think that the only way to save money on your mortgage is by shopping around for the mortgage with the lowest rates and points and fees. This of course is important to find the right mortgage for you. But do you realize the largest savings can be realized AFTER you have started to [...]

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Use an Amortization Schedule to Track Your Savings

Looking at the Numbers with an Amortization Schedule The easiest way of seeing the monthly breakdown of your loan is by using an AMORTIZATION SCHEDULE. What is an amortization schedule? An Amortization schedule is a statement that shows the monthly allocation of principal and interest and also shows the remaining balance of your loan. Below [...]

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How To Save Money On Mortgage Interest Charges

Plan 1: Using the Half Time Payment Plan In the previous example, you see that each month as the loan balance goes down, the interest charge also goes down, but very slowly. Using the previous example you see that most of your monthly payment goes towards the interest until payment number 223. READ THAT AGAIN—after [...]

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Prepay the Same Amount Each Month

PLAN 2: EQUAL DOLLAR AMOUNT PREPAYMENT Instead of adding an odd dollar amount each month, you may prefer to make what we call the Equal Dollar Amount Prepayment. This is a prepayment  which will be the same amount each month. Why the same amount each month? Some people prefer to make a prepayment of the [...]

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