In today's fast-paced world, many people tend to forget that every dollar counts. Adding an additional $5 or $10 to a mortgage payment each month can save thousands of dollars over the life of the loan.
For example: A 30-year mortgage for $200,000, with a fixed interest rate of 7.25%, will have a principal and interest payment of approximately $1,364. Simply adding $10 per month to the payment can save the borrower more than $20,000 over the life of the loan. An additional $25 per month can be worth more than $50,000!
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