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If you were to buy a $150,000 home with a $120,000 mortgage
(80%), at an interest rate of just 6% for 25 years, when the
mortgage is paid off you will have paid over $110,330 just in
interest, in addition to the original $120,000 mortgage
amount. That's nearly twice the cost of the home! if you
could pay just an extra $100 each month, you would save over
$28,048 in interest payments. Just by paying an extra $100 a
month, you could knock nearly 10 years off of your mortgage.
An additional monthly payment of only $50 will save you
five years and seven months and about $16,272 off your
mortgage repayment schedule.
And just a miniscule $10 a month extra will reduce your
time by one year and three months and save you over $3,789!
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