Quote:
Originally Posted by BWillie007
On your next house, make sure you pay at least 25% extra on your mortgage so you won't get assfucked on interest. Even if you lose money in your house - you'll gain equity soo much faster on a 30 year loan even w/ interest rates low right now. By paying 70% more each month directly to principal I am set to own my house in seven years instead of 30. Even if you pay like 25% more each month I think it'll cut your 30 year loan into like 11-12.
Over the long run I'll save $40,000, and I only have a 4.75% interest rate.
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I didn't know it would make that big of an impact. I'm going to check into doing this...that's a huge difference.
So using this payment calculator -
http://www.hsh.com/calc-amort.html - you would knock 10.5 years off your loan and save almost 40% on the interest by paying an extra 25% per month. Heck, paying even 10% more per month will cut your loan by 5.5 years and interest by 21%.