Biweekly Mortgage: Average Mortgage Rates by State
How to Save on Mortgage Interest
There are a lot of costs that factor into buying and maintaining a home. Here are just a few: closing costs, points, taxes, PMI, utilities, yard maintenance, pest control, HOA dues, home repairs and much, much more. But there’s one cost that often goes unrecognized once you lock in on a mortgage — and that’s the interest payments on your loan. And boy do they add up over the life of the loan. Did you know that on a 30-year, $250,000 mortgage at 4.5% you would pay over $200,000 in interest by the time you own your home outright? That’s almost as much as the original loan!
You might think there’s nothing that can be done to save on a bill that big. This helpful infographic will give you tips on where you can and can’t save when it comes to interest on your mortgage. You’ll learn if there are any savings to be gained depending on where you live, who can help you find a low rate and how much down payment is needed to avoid PMI. But you’ll also learn how one simple change in how you pay your mortgage can save you tens of thousands of dollars in interest over the life of your home loan. Can you really afford not to check that out?