Saving thousands in interest repayments on a mortgage is not as hard to do as you may think. Figuring out how much you can potentially save is the tricky yet rewarding part.
Family example
| Mortgage | $400,000 |
|---|---|
| Term | 30 years |
| Interest rate | 5% |
| Type | Principle & interest |
| Monthly repayment | $2,147 |
The total interest payable over the full term would be $372,920, almost the same as the mortgage itself.
With some basic restructuring, learning how to reduce the full term by even 9 years would result in savings of:
$123,465
Save thousands in interest repayments
- No extra repayments required
- Keep your hard earned money
- Own your home sooner
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