If you want to pay off your mortgage early, you need to understand the factors that make up your mortgage.
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The Zero Interest Mortgage is a play on words. It’s not about getting a mortgage with a zero percent interest rate. It’s about getting your mortgage paid off so you don’t have to pay interest on the principal any longer.
The key factors discussed are:
– Principal amount
– Interest rate
– Percent down payment
– Monthly payment
– Number of extra payments each year
– Number of years you want to shorten your mortgage
There are plenty of tools you can find on the Internet to calculate mortgage payments. However, it’s difficult to find a comprehensive set of tables that allow you to compare different options. This discussion gives you the tables you need to compare options and gives some insight into the equations that govern your mortgage.
For example, if you want to pay off your thirty year mortgage in fifteen years, what is the ideal combination of down payment and extra payments?
This discussion shows you what’s needed to pay off your mortgage early. It also gives you perspectives on how much interest money you’ll save by paying off your mortgage early.