...your mortgage payment.
You can use excel to create a simple payment schedule that will show your mortgage payments for the entire length of your loan, with principal and interest breakout. All you need to know is the length of your mortgage, interest rate, and monthly payment amount. Excel, in all its wonders, will do the rest.
The best part is playing around with your payment and determining how much you can save in interest by contributing extra principal each month. Darren and I have decided to contribute an extra $100 each month towards our payment. This will save us almost $20,000 in interest over the course of our 30-year mortgage, and will allow us to pay it off 8 years sooner.
One hundred dollars a month is a bit of a sacrifice for us (more on that tomorrow), but it is something we are willing to stick with.
About Me
- Alaina
- I have two kids - a girl and a boy - and live in north-central Minnesota, land of snow and ice. Well, for 9 months of the year, that is. I work full-time for a local government, and on my "free time" I enjoy cooking, baking, hanging out with my kiddos, and RELAXING.
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