| Most people who use a loan calculator are simply trying to determine what is affordable. What kind of loan amount can I get if I can afford $1,000 per month? Or how much
would my monthly payment be if my loan was $200,000?
AFTER YOU DETERMINE WHAT IS AFFORDABLE, consider this.
HOW MUCH INTEREST WILL I PAY OVER THE LIFE OF MY LOAN ?
Let's say your loan amount is $125,000, and interest is 7.5%. Can you believe that over the life of the loan you'll pay a total of $314,646.53.
That's right!
You paid $125,000 towards the house and $189,646.53 in interest.
It's not necessary to pay this much interest. You can save thousands in interest on your own by simply calculating the loan yourself.
Let's say your loan amount is $200,000, and interest is 6.5%. Again, can you believe that over the life of the loan you'll pay a total of approximately $456,000.
That's right!
You paid $200,000 towards the house and $256,000.00 in interest.
YOU DON'T HAVE TO PAY SO MUCH IN INTEREST!
WHY DO PEOPLE DO IT? - most people don't even look at it this way, they never really CALCULATE how much that house is actually going to cost them over the life of the loan. That's why
using a loan calculator is so important.
If you ever plan to retire, the amount of interest you can save is sustantial, and it should be a high priority that you learn this simple
technique so that you can apply it to your own loan.
NO REFINANCING
NO BI-WEEKLY
NO BANK FEES
For more information about our loan calculator software and our Mortgage Interest Savings Plan, fill out the form below. |
