Updated: Jul 10, 2018
Do you want to save 55% interest on your mortgage?
Making an additional yearly payment is one of the most effective strategies for saving huge interest portion. Usually, people keep paying interest rather than paying off, Not due to they do not want to do, but they do not know how much are they savings.
For example, The Mortgage amount of $610,000 at 3.69% interest rate for 30 years of amortization, if an additional payment of $6,100 per year invested then potential interest savings will be $111,462 (28%), and mortgage will finish in 23 years instead of 30 years. If you make an additional payment of $12, 200 per year invested then potential interest savings will be $173,996 (44%), and mortgage will finish in 18 years instead of 30 years. Stop, think and take your decision.