Daily Interest Rate Advice - 12/06/2006
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Sand Castle
Mortgage Group, Inc.
2220 Venetian Court
Suite B
Naples, FL 34109
 

8891 Brighton Lane
Suite 118
Bonita Springs, FL 34135
 866-419-SAND 

12995 S. Cleveland Ave
Suite 5
Fort Myers, FL 33907
 866-419-SAND

 

How To Reduce Your Mortgage
 

One Additional Mortgage Payment a Year

There's a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan's principal.

This is the method being used by "Bi-Weekly Mortgage Reduction Services" and "Bi-Weekly Mortgage Savings Programs". Only, when you do it yourself, you don't pay a third party unnecessary set-up costs and fees!

Example: $100,000 loan, 30-year mortgage, 6.5% fixed interest rate

Extra Mortgage Payments/ Year

Principal & Interest

Additional Monthly Payment

SAVINGS

Total Paid

# of Years

0

$632.07

0

0

$227,542.98

29.92 / 359 mos.

1

$632.07

$52.68

$29,088.02

$198,454.96

24.12 / 290 mos.

2

$632.07

$105.35

$46,492.13

$181,050.85

20.5 /
246 mos.

3

$632.07

$158.02

$58,320.95

$169,222.03

17.92 / 215 mos.

4

$632.07

$210.69

$66,969.79

$160,573.19

15.92 / 191 mos.

5

$632.07

$263.36

$73,607.77

$153,935.21

14.34 / 172 mos.

 One-time Payment

It may not be possible for you to increase your monthly mortgage payment. Keep in mind that most mortgages will permit you to make additional payments to your principal at anytime. Perhaps, five-years after moving into your home you receive a larger than expected tax return, or an inheritance or a non-taxable cash gift.  You could apply this money toward your loan's principal, resulting in significant savings and a shorter loan period.

Example:

With a $100,000, 30-year, 6.5% fixed interest rate mortgage loan, the borrower will pay a total of $227,542.98 to pay back the loan in 30 years. That equals $127,542.98 in interest payments.

If the same borrower makes a one-time $5,000 payment the first day of year 6, he/she will pay a total of $204,710.75 and pay off the loan in 27 years (324 months). That's a savings of $22,832.23 in interest.

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ABOUT SAND CASTLE MORTGAGE GROUP, INC.

  
     
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Your Southwest Florida Mortgage Resource for the Communities of: Naples, Marco Island, Estero, Bonita Springs, Fort Myers and more ...

Whether you are looking for a mortgage in Naples or Southwest Florida, we have assembled a comprehensive set of tools to make
the entire process easier.

YOUR Naples Florida Mortgage Brokers!

IF YOU ARE NEW TO
NAPLES FLORIDA MORTGAGES

If you are new to mortgages in Naples or Southwest Florida, you have definitely come to the right place. Mortgages practices vary from state to state, and even among counties. We know the mortgage market better than anyone else, and we would love to assist you.

Whether you are looking for a mortgage in Bonita Springs or Southwest Florida, we have assembled a comprehensive set of tools to make
the entire process easier.

YOUR Bonita Springs Florida Mortgage Brokers!

IF YOU ARE NEW TO
BONITA SPRINGS FLORIDA MORTGAGES

If you are new to mortgages in Bonita Springs or Southwest Florida, you have definitely come to the right place. Mortgages practices vary from state to state, and even among counties. We know the mortgage market better than anyone else, and we would love to assist you.

Whether you are looking for a mortgage in Estero or Southwest Florida, we have assembled a comprehensive set of tools to make
the entire process easier.

YOUR Estero Florida Mortgage Brokers!

IF YOU ARE NEW TO
Estero FLORIDA MORTGAGES

If you are new to mortgages in Estero or Southwest Florida, you have definitely come to the right place. Mortgages practices vary from state to state, and even among counties. We know the mortgage market better than anyone else, and we would love to assist you.

Whether you are looking for a mortgage in Marco Island or Southwest Florida, we have assembled a comprehensive set of tools to make
the entire process easier.

YOUR Marco Island Florida Mortgage Brokers!

IF YOU ARE NEW TO
MARCO ISLAND FLORIDA MORTGAGES

If you are new to mortgages in Bonita Springs or Southwest Florida, you have definitely come to the right place. Mortgages practices vary from state to state, and even among counties. We know the mortgage market better than anyone else, and we would love to assist you.

Whether you are looking for a mortgage in Fort Myers or Southwest Florida, we have assembled a comprehensive set of tools to make
the entire process easier.

YOUR Fort Myers Florida Mortgage Brokers!

IF YOU ARE NEW TO
FORT MYERS FLORIDA MORTGAGES

If you are new to mortgages in Fort Myers or Southwest Florida, you have definitely come to the right place. Mortgages practices vary from state to state, and even among counties. We know the mortgage market better than anyone else, and we would love to assist you.

 

 Your Southwest Florida Mortgage Source
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