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MONEY HABITS
Make Interest Interesting
11 October 2017
No one needs to be told that paying off their mortgage is a priority. It’s likely the biggest and most demanding debt that you have. So what can you do to lessen the pressure and start to feeling more free in your own home? Well every extra dollar counts.
I’m sure you don’t need me to tell you to prioritise paying off your mortgage. You’re already likely to be doing it.
After all, your debt is holding you back and keeping you captive. In fact, the interest you’ll pay on a five hundred-thousand-dollar mortgage that runs the full twenty-five years will be two-thirds the original loan amount.
At four and half percent interest, that’s three hundred and thirty-four thousand dollars in wasted money. Your money. But, every extra dollar you repay is a dollar on which you’ll never again be charged interest.
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