The perfect MP3 player

JStay at JStay at
Mon Sep 19 10:47:04 MDT 2005

> Working from the example you've given of having a $1000 
> dollar monthly mortgage payment and being able to pay $1500 
> toward it, you'd save approximately $100,000 in interest over 
> the life of your loan and you'd pay the loan off in about 15 
> years.  If you're interested I have more exact figures I 
> could give.  For reference I was figuring a 30-year $200,000 
> loan with a 5% interest rate.  If the interest rate were 
> higher, you'd save even more.

Of course, all of this is only true if you're going to stay in your
house for long enough to have that money develop into equity.  If you
plan on moving within 5 years paying more towards the mortgage won't
make you anything based on my experience.


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