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June 2015

Found 1 blog entry for June 2015.

 

Pay Off Your Mortgage Faster

Pay Off Your Mortgage Faster

Andy MacDonald, President of MortgageBroker Inc in Missisauga Ontario., points out that if you pay an extra $1,000 towards a 5% fixed-rate mortgage during each of the first five years, you’ll save $10,000 in interest over the mortgage’s 25-year life. However, if you make the same payments during your mortgage’s last five years, you won’t save that much in interest at all.

One of the best ways to pay off your mortgage faster is to make your payments weekly or biweekly instead of monthly. By doing so, you will make the equivalent of an extra month’s payment every year, which would save you $30,000 off the total cost of the same $250,000 mortgage.

-- MoneySense, 2015




 

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