 |
|
.
Example of Savings on a $100,000
Mortgage
This table summarizes the savings on a 30-year $100,000
mortgage with a fixed interest rate of 10.5%.
| |
Without
Mortgage Manager
|
With The
Mortgage Manager
|
| Years to pay off |
30
|
20.7
|
| Interest savings |
- 0 -
|
$83,835
|
| Monthly payments saved |
- 0 -
|
112
|
| Total savings |
- 0 -
|
$102,451
|
| Equity after 5 years |
$3,118
|
$10,795
|
| Equity after 10 years |
$8,378
|
$29,703
|
| Balance due after 20.7 years |
$63,740
|
- 0 -
|
| Average monthly savings |
- 0 -
|
$338
|
| Average yearly savings |
- 0 -
|
$4,057
|
Cash available after 30
years based on a 10% investment |
- 0 -
|
$159,200
|
Chance of being overcharged
by lender miscalculation
according to the FDIC |
1 in 2 (50%)
|
none
|
 |
How will these changes save
you money? Within just a few months of
restructuring your monthly mortgage payments to bi-weekly payments, your
account will begin to build a surplus of savings that will amount to the
equivalent of one extra payment each year. This quickly reduces the amount
you owe, and builds your equity 300% faster. |
|
| |
|
|
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