I like this calculator because it shows how every dollar makes a difference. We pay at least $100 over the minimum for our mortgage monthly, so using that calculation, we will save close to $70,000 in interest and pay off our loan in just over 21 years!
Financially speaking, husband and I would like to devote more "extra" money to the house as time allows. Right now, we have a huge vehicle payment (to be paid off next November!) and he has another loan that will be paid off in May. Once my vehicle is paid off, we'd like to put those "payments" into an emergency savings account, then start funneling those funds (minus the daycare cost for another child) all toward our mortgage every month. We hope this will be about an additional $1,000! Of course, there are several house projects we'd like to do, but we are really working to separate needs vs. wants. We'd much rather have our house paid off in 10 years - not having a house payment would make it much easier to save for the projects we want, not to mention give us so much financial flexibility.
Try out the calculator - it's amazing!
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You are so right! We just refinanced earlier this year to a 15 year mortgage and I was shocked when I found out how much mortgage interest we are saving ourselves. You and your hubby are very smart when it comes to money so this series is a great subject for you to write on.
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