For example, if you’ve just closed a $200,000, 30 year fixed rate mortgage at 4.00 percent interest, the principal and interest portion of the payment will total $954.83, but only $288.16 of that is actually helping to knock down your giant mortgage balance. Year after year, if you pay your payments on time and nothing drastically raises your taxes or insurance, your payment stays basically the same, but the principal you’re paying increases. These parts combine to form what we properly call your mortgage payment, even though it’s a lot more than that. Just as a review, let’s go over the parts of your mortgage, after all, it’s not all just the part we call the “payment.” Your mortgage is made up of several small payments, including a portion of your loan principal, mortgage interest, mortgage insurance, property taxes and mortgage insurance when applicable. Trust me, we’ll make it as painless as paying off a mortgage can be. Oh, I can hear you already, crowing that you can barely affording the mortgage payment you’ve got and insisting that you simply can’t make more payments. Rest tight tonight, we’re going to help you develop a plan for paying off your mortgage early in the simplest way possible - by making more payments. For many people, knowing that they’ve got tens or hundreds of thousands of dollars worth of debt hanging over their heads is enough to ensure some pretty sleepless nights. No one else can take it from you or make any decisions regarding it…as long as you don’t count the lender who holds your mortgage. It’s an incredible feeling to walk through your front door each and every day, knowing that this house is yours - and yours alone.
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