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Mortgage Costs
Cost cutting has become something of an art form for those who are serious about saving money. One potential area for saving that most people fail to consider is their mortgage. You can shave years off your mortgage and save thousands of dollars in interest by adding a little extra to your mortgage payment each month.

Suppose you took out a 30-year mortgage for $125,000 at 8% interest with a monthly payments of $917. Your total payments over the life of the loan will come to $330,194, and $205,194 of that amount will be interest. If you pay just $100 extra each month, your total loan payments will be $265,050. You will save $65,144 in interest and retire your mortgage in 19 years!

Is it in your best interest to pay off your mortgage early? It depends. Your decision should be based on your budget, your long-range plans (how long you plan to live in your home), and your income bracket. Consult your tax accountant to find out if an early payoff is an option for you.

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