New Year = New You
In the US, saving money is almost always one of the top 3 most common New Years Resolutions. I could get up on my soapbox and tell you all about how home-ownership is the #1 way Americans build wealth, but you have heard me say that a million times before. So today we are going to talk about another way to save money as a homeowner.
According to this awesome calculator, if you were to pay an extra $100 each month towards the principle of your $500,000 mortgage, you would not only cut off the last 25 months of your payment (that is $59,675 in mortgage payments you can avoid at the end of the loan), but you will also pay $28,099 LESS in total interest off the life of your loan.
So, if you can spare an extra $100 a month, you can save big over the duration of your loan.