Save Thousands of $ollars in Interest & Reduce the Term of Your Loan

Did you know that by making one extra payment a year you can take years off the term of your loan and save tens of thousands of dollars in interest?

Here's an example: A loan for $300,000.00 at a 7% interest rate for 30 years would cost you approximately a total of $418,000 in interest paid over the life of the loan. By dividing the amount of your payment ($1995.91) by 12 months ($166) and sending that extra amount to be applied to your principal every month you are making one extra payment per year. This reduces the term of the loan to 24 years and decreases the total interest paid on the loan to roughly $320,000.