Whether you are buying a new house or refinancing an existing one it's always a good idea to save as much as you can over the life of your loan. Just about the easiest thing you can do, is also the hardest to believe, especially if you're a first time home buyer. Here's how it works.
Whenever a lender gives you any money to buy a house they are doing it to make money obviously. But how do they do it? You might think late fees are the culprit, just like on your credit cards, but the big breadwinner for your lender is in the interest payments you pay over the life of your loan. Not sure about it? Let me break it down for you.
If you are buying a house and are borrowing $200,000 at 6.5% over thirty years your monthly payment will be $1264. By the time you pay off that loan you will have paid a total of $455,088.98. The amount of interest you will have paid at the end of the thirty year period will be $255,088.98! Now you see why lenders are so eager to get your business. There's big money to be made in the lending business if you can learn to manage your risk.
The easiest way for you to save yourself a lot of money is to make an extra mortgage payment one time a year. That's it. Just make on extra payment a year and watch how much it adds up. By just paying a single payment of $1264 a year the amount of interest you pay on your loan will be $199,098.92, for a total of $399,098.92. That's a savings of nearly $56,000. And if that wasn't enough, you have cut your loan down by six years so now you have a house that will be paid off in 24 years rather than 30.
As great as that sounds, if you're living from paycheck to paycheck you may be wondering where that extra $1264 is going to come from. The good news is you already have it; you just don't know it yet. Most people get paid every two weeks, which means you get 26 payments a year but you only have to pay 12 payment; one per month. If บ้าน มือสอง half of each paycheck goes to paying your mortgage you still only have 24 mortgage based payments to make leaving two extra paychecks that don't apply to your mortgage.
Even if you can't pay a full payment a year, each extra payment you do make ads up fast. The higher your loan amount and interest rate is, the more you will be saving on your loan. Just make sure that when you make that extra payment that it goes to principal and not the next month's payment. You should also make sure your lender doesn't stick you with a prepayment penalty. That can be very expensive so you will want to find out about that. Good luck and happy saving.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น