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10 Things You Should Know About Credit Cards
Maybe these 10 items may answer some questions you have about using credit cards. Make sure to check out the link in #1.#1. Don't Use Them.Credit cards accounted for 1.3 million Americans filing bankruptcy in 1998. #2. If you use credit cards pay them off ...
Money Worries?
If you are worrying about your money problems it's time to STOP IT NOW! Easier said than done, huh. In my 25 to 30 years working with personal money management problems I have never seen worry help solve the problem. In fact it has just the opposite ...
The Heat of Desire
"Although I took to New York straight away I was really lonely. I would take whatever I could in a taxi-cab to wher- ever I was going to next. I'd take a big breath, grit my teeth, blink back my tears and say, 'I'm gonna do it- I have to do it because ...
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difference. In a lot of cases that is true. But when it comes to
mortgages or any other type of loan, a few extra dollars can save
you Big Bucks.
The chart below gives examples of three different loan terms and
what paying between $75 to $100 more a month would do to the
mortgage. It is based on a $100,000.00 loan at 7% interest.
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YearsInt Rate Payment InterestTotal of PaymentsSavings
307% $665.30$139,508.00$239,508.00 N/A
Round Payment to $750.00 $93,994.86$193,994.86$45,513.14This loan
would be paid off in 259 months instead of 360.
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207% $775.30$86,072.00$186,072.00 N/A
Round Payment to $850.00 $69,409.58$169,409.58 $16,662.42This loan
would be paid off in 199 months instead of 240.
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157% $898.93$61,789.40$161,789.40 N/A
Round Payment to $1000.00 $50,517.67 $150,517.65 $11,271.73This
loan would be paid off in 151 months instead of 180.
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By adding $84.70 to your 30 year loan you can save $45,513.14
and pay the loan off in 21 1/2 years.
By adding $74.70 to your 20 year loan you can save $16,662.42
and pay the loan off
in 16 1/2 years.
By adding $101.07 to your 15 year loan you can save $11,271.73
and pay the loan off in 12 1/2 years.
You can also see by the chart that obtaining a shorter loan term
when you buy your house can save a lot of money.
There are a couple of things that you need to check. First is
that your loan agreement doesn't allow the loan company to
charge penalties for early payment. Secondly, if you itemize
your federal income taxes and deduct mortgage interest, paying
less interest will mean a lower deduction. I believe it is safe
to say that the interest savings will far outweigh the tax
savings.
Even if you don't have $75 to $100 a month to add to your
mortgage payment, even $25 would save a lot.
If you would like to have your own Loan Calculator, just visit
www.pine-grove.com to download their Loan*Calculator! Plus.
This is a free version and has everything the average family
can use. It is also the Loan Calculator I have used for several
months. Highly Recommended.
About the Author
Terry Rigg is the author of Living Within Your Means - The Easy
Way http://www.homemoneyhelp.com/ebookadpage.html and editor
of The FREE Budget Stretcher Newsletter and Budget Stretcher
web site http://www.homemoneyhelp.com. He has 25 years of
experience counseling individuals and families concerning their
personal finances.
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Fort Worth Star Telegram |
Personal finance apps, ranked by MobilewallaFort Worth Star TelegramMint.com Personal Finance (Free)* -- One of the most popular money-management apps. You can create a razor-sharp view of your accounts, track your budgets and better manage your expenses. (Mobilewalla score: 99/100) CheckPlease Lite Tip Calculator ... |
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Friday's Personal Finance StoriesMarketWatchWell, it's that time of year again. Getting ready for the traditional start of summer, planning a fun Memorial Day barbecue, dreaming about a summer vacation, and defending your portfolio against a 30% drop in stocks and another debt-ceiling crisis.and more » |
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Thursday's Personal Finance StoriesMarketWatchInvestors who take minimal risk can't expect much gain, but those who don't manage risk can expect much worse, Jonathan Burton writes today in his Money Talks column. Read about risk manager Keith McCullough's strategy. Also on MarketWatch today, ...and more » |
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