Mortgage or Other Debt Pay Off Planning
This
calculator will help you set a pay off goal
for yourself. The greatest financial
planning tool is a solid plan to accelerate
home mortgage pay off. This essential is
most often ignored.
In the
first 15 years of the life of a mortgage
loan very little is actually applied to the
principal of the loan. Only after 16 years
you start making meaningful payments to the
principal.
Almost
invariably we all push the limit of our
borrowing capability when buying our first
home but to do the same as our incomes rise
is nor all that prudent.
The
prudent thing to do is to start making
additional payments on our mortgage which
will dramatically increase the payoff and
result in incredible amounts of interest
savings. In fact if your income growers by
only 15 to 20 percent over time and you
start paying a proportional amount towards
your mortgage and only then get into
investing in your retirement plan you will
be well ahead of the game.
Use the
mortgage pay off calculator for calculating
other fixed term loans too such as car
loans.
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