Firstly, we will not ever suggest you give up coffee! EVER.
But maybe you might consider these numbers, because sometimes small budget changes can make the biggest impact.
Instead of picking up your daily $6.00 shot of caffeine luxury, put it toward your mortgage. $6 x 365 = $2,190.00 annually
If you take that $2,190 and put it as a one time lump sum deposit on your $300,000 mortgage. This will lower your overall interest paid by $41,251, and effectively lower your amortization by 4 years!!!! That is some big mortgage savings!
Numbers were calculated using the Government of Canada Mortgage Pre-payment calculator, with an original loan amount of $300,000, 5% interest, and 25 year amortization.
With Mortgage Sisters West we are your local Edmonton and area mortgage professionals! We broker mortgages with many lenders to help save our clients money and make their dreams come true!
