Updated: Jun 29, 2023
Keep this pamphlet with you when you plan to optimize mortgage payments. Many people have saved using this strategy as they did not know before! You can save unto 55% ...yes, FIFTY-FIVE PERCENT interest. You do not have to be a financial analyst or advisor to make this decision.
Making an additional yearly payment is one of the most effective strategies for saving huge interest portion. Usually, people keep paying interest rather than paying off, not because they do not want to do, but they do not know how much they are saving.
For example, The Mortgage amount of $610,000 at 3.69% interest rate for 30 years of amortization, if an additional payment of $6,100 per year invested, potential interest savings will be $111,462 (28%), and the mortgage will finish in 23 years instead of 30 years. If you make an additional payment of $12,200 per year invested, potential interest savings will be $173,996 (44%), and the mortgage will finish in 18 years instead of 30 years. Stop, think and take your decision.
Wassiyyah inspired many people to save them from paying interest. Wassiyyah is not anyway encouraging people to take on mortgages or debt. There are many adverse consequences of taking on liabilities without thinking. Sometimes, you may realize the fact, but only after taking on debt, and that's why we are giving some tips to pay off debt faster to save you from interest.