🏡📈Financial Benefits of making extra payments every year🤑💰

✨ Extra payments reduce the mortgage term and interest paid, leading to faster payoff and lower costs. Ideal for those with irregular income or bonuses, enabling quicker financial freedom. This is the magic of paying extra payments, and you need not worry about the higher interest costs.

Let's understand this with an example

📅 Term: 30 years
💵 Principal: $400,000
📈 Interest: 4.5%
💳 Monthly Payment: $2,026.74
💰 Total Interest: $329,626.40

Impact of Extra Payments
🔹 One Extra Payment/Year: Reduces term by 4.25 years
🔹 Two Extra Payments/Year: Reduces term by 7.25 years
🔹 Three Extra Payments/Year: Reduces term by 10 years

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Hey there! I’m Rahul Kotha, licensed mortgage agent (#M24001361) with Dominion Lending Centers, FC Funding (#FSRA10671). Based in Toronto, Ontario, I have access to over 140 lenders, including top banks, ensuring I can find the perfect mortgage solution for you. Whether you’re a first-time homebuyer or seasoned investor, I specialize in informed real estate decisions based on solid numbers.

Book a free call with me today using the link in my bio! Available days, nights, and weekends for all your mortgage needs.

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DISCLAIMER: Not a financial advisor. Content is for educational purposes only. All investments carry risks. Conduct thorough research before making any investment decisions. Opinions are mine alone.

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