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A Home Mortgage Calculator Reveals Savings

Most people simply wish to go through life with a live and let live attitude. That is perfectly fine. However, you do not always want to be so lax when it comes to matters related to your finances. Taking as effort as minimal as running a few figures through a home mortgage calculator might prove shocking.

Let us say you currently owe $150,000 on a home mortgage and must day the loan off within 15 years. The interest rate you owe on the home is 4%. By the time you are done paying off the mortgage, you will have paid off the $150,000 plus $49,715 in interest. Now, lets see how much you day with an interest rate of 3.3%. After running the figures through a mortgage calculator, it is revealed you will have to pay $40,377 in interest. That means a change of .7% will save you $9,388. That is a massive amount of money saved and it could be far better used towards long term investments instead.

Curiously, many do not realize how much money they could save by refinancing because they never actually looked at how much they could save. Simply running figures through a basic calculator might reveal a huge amount of savings that would otherwise be missed.

Posted by Jessie Milam on May 29th, 2013 :: Filed under Home Mortgage Refinance
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