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Ways to Save
Here you can learn about some techniques for saving on your loan costs and getting your mortgage paid off faster. Try out the techniques—together or in combination—and see how they affect your bottom line in real time! Your entries on the previous page are your base scenario. On this page you will be able to do what ifs to find your ideal an improved savings scenario.
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Learn about some ways to save…
Increase your down payment. If you can afford it up front, increasing your down payment will save you interest costs and PMI costs. Your base case down payment is or. Try a higher down payment and see what happens:
$55,000.00
11.00%
Purchase Price
Down Payment
Down Payment %
$500,000.00
$160,000.00
32.00%
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Pick a shorter term. If you can afford a higher monthly payment, pick a shorter term to dramatically decrease your interest costs and the time to pay off your mortgage. Your current term isTry a different term:
20 years.
Term in Years
15
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Make extra payments. Making extra principal payments along the way is another way to decrease your interest costs and pay off your mortgage faster. Select the amount for an extra payment to make at the end of each year of your mortgage and see what happens.
Extra Annual Payment
$5,000
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Mix and match. You can use combinations of the above techniques for even greater savings. Just check the boxes for the techniques you want to include and see results for different scenarios.
See results here…
Select techniques. Select all of the techniques that you want to test at the same time below. You can keep testing any combinations you like.
Required payments. Here are the payments that will be required under your base scenario and your savings scenario. Payments will generally be higher under the savings scenarios, so make sure you can afford the savings scenario you choose.
Scenario
Down Payment
Monthly Loan Payment
Total Monthly Payment
Base
$55,000.00
$3,096.82
$4,044.65
Savings
$160,000.00
$2,861.07
$3,319.40
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Your savings!
Here are your savings in comparison to the base scenario based on the techniques you selected above. The “Total Cost” includes scheduled interest, origination fees, and any PMI payments.
Scenario
Total Interest
Total PMI
Total Cost
Base
$253,736
$31,328
$329,564.32
Savings
$116,698
$0
$150,698.15
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And the time needed to pay off your loan is:
Scenario
Time to Pay Off
Base
20
Savings
12 years, 7 months
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Go forth!
Now you’re ready to work with your lender to set up the mortgage that works best for you.
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