Getting rid of the mortgage sooner helps retirement plans.
Finance Broker and Mortgage Busting guru, Graham Couper-Smith of payoffyourmortgage fast.com, was discussing the problem of people finding a mortgage payment later in life when considering retirement. Mr. Couper-Smith said “getting rid of five years from a mortgage is often easy to do by just adding a little more to the weekly repayments from the beginning"
He continues, "For example, take a hypothetical home loan of $250,000 at 5.9% interest that costs someone $344 per week. If that loan repayment amount is increased by just $27 per week from the beginning (maybe equivalent to buying one cup of coffee per day), 5 years could be gone from the loan. There is a lot more that can be done to make this saving even larger,“. Mr. Couper-Smith continues, ”but thinking ahead and making that one simple change at the beginning could make a big difference to five years of someone’s life and may save nearly $60,000.”
This is a hypothetical case and not personal advice and may not suit some individual circumstances or specific loan terms and conditions.
For personal advice see a professional advisor.
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