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Extra Principal Payments
This is the best mortgage calculator on this website. LEARN IT! It's the best way to save money I can think of! If you plug your mortgage information into the interest calculator above and put $10.00 in the extra repayment spot then you will see that you save over $6,000.00 in interest, 1 year and 3 months off your mortgage loan. Plug in $20.00 and see that you save over $11,000.00 in interest, 3 years and 6 months off your mortgage loan. It's amazing how quick the money can add up because if your mortgage is for $100,000.00 that means you have over $115,000.00 in interest as well that you could save.
There are many different ways to save money to come up with an extra $10.00 per month. I have a page on this site dedicated to saving money on your mortgage interest (Ways to Save Money). If you could manage to come up with $50.00 per month before you start then you're one step ahead. I started putting an extra $200.00 to my mortgage a year ago and now it seems as if it's my actual mortgage payment. The amount of money you can save is huge so try it out and a year down the road you will think back and be very happy you made that choice!
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