🤫 This simple trick can save you tens of thousands of dollars in inte...
[0:00]Congratulations on closing on your first home. Your loan is for $300,000 at 3.5 interest and
[0:05]your monthly mortgage payments is $1,347. Sounds good, but I'm actually going to be
[0:10]paying you $1,500 per month. Why would you do that? Well, I know that if I just made
[0:15]the regular monthly mortgage payments, then I'll be paying about $185,000 in interest
[0:19]over the lifetime of the loan. Yes, that's correct. But if I pay an additional $153 per
[0:24]month, my total interest reduces to $151,000, saving me $34,000 over the lifetime of the loan.
[0:32]Plus, I'll finish off paying the loan in 25 years in one month versus the traditional 30 years.
[0:37]It's pretty significant savings for just putting an additional $5 per day.