Smash out your mortgage!

Published on 9 October 2023 at 09:32

Got some spare cash lying around? I know, with the way things are going and the rising living costs, it might seem like a wild idea to put aside even a few bucks every week. But here's a cool thought: what if I told you that tossing in, say, $20 or $50 on top of your usual mortgage payments could make a massive difference?


Picture this: you’ve got a $500,000 mortgage, stretched out over 30 long years at an interest rate of 6.99%. Now, if you add just $20 a week, you could knock off a solid 2 years from your payment schedule. Plus, you’d pocket an impressive $66,000, money that would have vanished into the pockets of your friendly bank. What about this? Throw in $50 a week, and boom! You could smash out your loan and be mortgage-free 5 years sooner and save a massive $142,000 in interest.


It might sound too good to be true, but it’s not. It’s the power of a few extra dollars each week working for you. And the best part? It’s like a low-key savings plan without the hassle. Imagine the thrill of being mortgage-free years earlier, all thanks to those extra coffee money contributions.


Now, think about the possibilities. That extra money saved could be your ticket to a dream holiday, starting a new business, or even creating an emergency fund for life's unexpected curveballs. It's not just about the numbers; it's about the freedom and security these small contributions can bring into your life. By being a bit savvy with your finances, you're not just paying off a mortgage; you're investing in your future. So, grab that chance, take control of your financial destiny, and watch how those extra dollars transform your life in ways you never imagined. Go ahead, start today – your future self will thank you!


Reach out to us at MortgageMe  here to make a quick time to chat...we'll be able to give you a pretty good steer on things!!  

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