Meet Sam and Diane! Sam and Diane just got a brand new house. ($315,000, 4.185%, 30 years) Sam and Diane have decided to cut cable TV. They add that extra $180 to their mortgage, every month. ($180) Sam and Diane will save $102,820. And they will pay off their house 5.5 years early. Nice work, Sam and Diane!
Pretty cool story for Sam and Diane. Sounds too good to be true? Not exactly. Paying off your mortgage isn’t as hard as most people think it may be. Let’s look at the calculator and see how it works.
