
Are You Paying Too High an Interest Rate on Your Mortgage?
Tom found that his interest rate was 5.19%. By breaking his mortgage and opting for a better rate, he not only reduced his monthly payments but also accelerated the repayment of his loan, maximizing his long-term savings.
Like Tom, you can also improve your financial situation. Contact me to discuss your mortgage options. You could save more than you think!
If your interest rate exceeds 5%, now is the perfect time to review your options. Let's review Tom example below.
Tom recently transferred his mortgage to take advantage of a interest rate. Here's what it resulted in:
- Amount: $800,000
- Rate: 5.19% (fixed)
- Monthly Payment: $4,862
- Interest Paid Over 4 Years: $157,794
- Amount: $800,000
- Rate: 4.54% (fixed)
- Monthly Payment: $4,546
- Interest Paid Over 4 Years: $136,988
- Interest Savings: $20,806
- Additional Principal Repayment: $9,643
- Monthly Payment Savings: -$316