mortgage payoff incentives.notebook January 13, 2016
Mortgage Payoff Incentives
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mortgage payoff incentives.notebook January 13, 2016
Define Mortgage
Home Loan payments that include...
the mortgage loan amount to be repaid
Interest
cost lenders charge for use of the money
Principal
Define Escrow Payments
The total cost of a mortgage
your overall mortgage monthly payment
that include...
Taxes
local property and government tax assessments
Insurance
home replacement in the event of a disaster
mortgage payoff incentives.notebook January 13, 2016
Escrow Payments example
http://www.mortgage-calc.com/mortgage/
howmucharemypayments.html?MSA
mortgage payoff incentives.notebook January 13, 2016
Escrow Payments example
$1,000 EVERY MONTH
(12 PAYMENTS PER YEAR)
$12,000 IN ONE YEAR
Is there any difference in Paying $500 every two weeks
vs. $1,000 every month?
mortgage payoff incentives.notebook January 13, 2016
Paying $500 every two weeks vs. $1,000 every month...
How many weeks in a month?
4 (weeks) x 12 (months) =
How many weeks in a year?
payments per year
mortgage payoff incentives.notebook January 13, 2016
By paying every two weeks on your loan you will be
Accelerating your mortgage payoff
paying an extra month of payments (13)
Saving thousands of dollars in interest
vs
mortgage payoff incentives.notebook January 13, 2016
economic want
Opportunity Cost
Define Opportunity Cost...
What would the opportunity cost be of paying $25 extra on my monthly Mortgage Payment?
extra on my monthly Mortgage Payment what are some things I would have to give up?
What would the opportunity cost be of paying $50 extra on my monthly Mortgage Payment?
What would the opportunity cost be of paying $75 extra on my monthly Mortgage Payment?
What would the opportunity cost be of paying $100 extra on my monthly Mortgage Payment?
mortgage payoff incentives.notebook January 13, 2016
What would be the impact of me paying a little extra each month on my mortgage?
$25, $50, $75, or even $100
mortgage payoff incentives.notebook January 13, 2016
What would be the impact of me paying a little extra each month on my mortgage?
$25, $50, $75, or even $100
mortgage payoff incentives.notebook January 13, 2016
What would be the impact of me paying a little extra each month on my mortgage?
$25, $50, $75, or even $100
mortgage payoff incentives.notebook January 13, 2016
What would be the impact of me paying a little extra each month on my mortgage?
$25, $50, $75, or even $100
mortgage payoff incentives.notebook January 13, 2016
Click on the link below
"Paying Extra & Bi-weekly Mortgage Calculator Savings"
read this page on my web site and follow the directions...
http://www.trschools.k12.wi.us/faculty/LFEEST/Home%20~%20Paying%20Extra%20-
%20Biweekly%20Payments%20Savings.pdf