You have finally closed on your new home and with great rates and a beautiful home you can now relax all the hard work is over right? Not exactly. So get settled in and get use to a mortgage payment then, after a few months take a look on how you can get that mortgage down a bit faster.
Either right away, or in the future, there is a better way to pay that 30 year mortgage down quicker and build your equity faster. Here is a current payment schedule based on a approximate 4 1/8% rate. As you can see the first few years you are paying an astronomic amount in interest. Just think of what just one extra payment a year could do for you.
Here is a link to a great site I give to my buyers and sellers. While I am not a mortgage broker (I work with some great ones) I do believe all of us Realtors should provide better tools to our clients and be informed. After all, a home buyer, or seller, who understands the process is more comfortable with their home and their purchase.
Not only does this site have mortgage calculators. Check it out there is every kind of financial calculator you can think of. It actually is a bit addicting so have fun with it!
Payment schedule
|
Year |
Total Payments |
Principal Paid |
Interest Paid |
Ending Principal Balance |
|---|---|---|---|---|
| $300,000.00 | ||||
| 1 | $17,395.20 | $5,192.05 | $12,203.15 | $294,807.95 |
| 2 | $17,395.20 | $5,408.99 | $11,986.21 | $289,398.96 |
| 3 | $17,395.20 | $5,634.96 | $11,760.24 | $283,764.00 |
| 4 | $17,395.20 | $5,870.37 | $11,524.83 | $277,893.63 |
| 5 | $17,395.20 | $6,115.61 | $11,279.59 | $271,778.02 |
| 6 | $17,395.20 | $6,371.14 | $11,024.06 | $265,406.88 |
| 7 | $17,395.20 | $6,637.34 | $10,757.86 | $258,769.54 |
| 8 | $17,395.20 | $6,914.62 | $10,480.58 | $251,854.92 |
| 9 | $17,395.20 | $7,203.53 | $10,191.67 | $244,651.39 |
| 10 | $17,395.20 | $7,504.47 | $9,890.73 | $237,146.92 |
| 11 | $17,395.20 | $7,818.00 | $9,577.20 | $229,328.92 |
| 12 | $17,395.20 | $8,144.63 | $9,250.57 | $221,184.29 |
| 13 | $17,395.20 | $8,484.91 | $8,910.29 | $212,699.38 |
| 14 | $17,395.20 | $8,839.40 | $8,555.80 | $203,859.98 |
| 15 | $17,395.20 | $9,208.70 | $8,186.50 | $194,651.28 |
| 16 | $17,395.20 | $9,593.44 | $7,801.76 | $185,057.84 |
| 17 | $17,395.20 | $9,994.27 | $7,400.93 | $175,063.57 |
| 18 | $17,395.20 | $10,411.80 | $6,983.40 | $164,651.77 |
| 19 | $17,395.20 | $10,846.79 | $6,548.41 | $153,804.98 |
| 20 | $17,395.20 | $11,299.97 | $6,095.23 | $142,505.01 |
| 21 | $17,395.20 | $11,772.08 | $5,623.12 | $130,732.93 |
| 22 | $17,395.20 | $12,263.90 | $5,131.30 | $118,469.03 |
| 23 | $17,395.20 | $12,776.27 | $4,618.93 | $105,692.76 |
| 24 | $17,395.20 | $13,310.07 | $4,085.13 | $92,382.69 |
| 25 | $17,395.20 | $13,866.14 | $3,529.06 | $78,516.55 |
| 26 | $17,395.20 | $14,445.46 | $2,949.74 | $64,071.09 |
| 27 | $17,395.20 | $15,049.00 | $2,346.20 | $49,022.09 |
| 28 | $17,395.20 | $15,677.73 | $1,717.47 | $33,344.36 |
| 29 | $17,395.20 | $16,332.74 | $1,062.46 | $17,011.62 |
| 30 | $17,391.71 | $17,011.62 | $380.09 |
$0.00 |
#snohomishcountyrealestate #mortgagecalculators
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Jen Murrweiss RE/MAX Elite 