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Cheryl Woolley

How to save almost $14,000 on your mortgage by making your coffee at home!

Welcome to my Guest Blogger Victoria Mortgage Consultant Elizabeth Prins:

As a mortgage professional my first order to help my clients obtain a mortgage.  Next I help them pay off their mortgages more quickly!

Most mortgages allow you to increase your mortgage payment and make extra payments.  These extra funds are applied directly onto your principal.

Recently I arranged a mortgage for my client Susan who purchased her very first home.  By foregoing her daily visit to Starbuck's, she is going to save herself almost $14,000 in 5 years.

Here's how:

Purchase Price: $299,000
5% down payment: $14,950
Mortgage request including CMHC premium: $292,997.58
35 year amortization
5 year term
3.44% fixed rate

Susan's monthly mortgage payment is $1,196.65
At the end of her 5 year term she will owe: $269,304.73

By switching her payment to a bi-weekly payment of $598.32
At the end of her 5 year term she will owe: $262,726.23
for a savings of $6578.50!

BUT.....
Susan increased her bi-weekly payment to $650
and in 5 years she will owe $255,405.80


For a savings of $13,898.93!


Susan is now making her coffee at home and using her travel mug and putting an extra $3.70 daily towards her mortgage.  

Just wait until she gets her tax return this year and plunks that down!

Liz can be reached at:

Mortgage Depot

250-475-1166

www.mortgagesbyliz.ca

 

Published Thursday, November 18, 2010 2:19 PM by Cheryl Woolley

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