The 52 Week Money Saving Challenge chart from ING Direct (Tangerine) has been making its rounds online, and if followed, can help you save over $1300 this year.
Now, what if you used that $1,300 you saved over the year and used it as a mortgage prepayment?
Assuming a $250,000 mortgage with a 3.99% interest rate amortized over 25 years making monthly payments, if you made a lump sum payment of $1,300 each year you could pay your mortgage off 2 years and 3 months earlier and save a whopping $14087.95 in interest over the life of your mortgage!
How much can you save on your mortgage?
Want to find the best prepayment options provided by our lenders?
Contact us here or use the form below and a mortgage associate will be in touch.
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