Let’s say you borrowed a $100,000 loan to buy a house at an interest rate of 9% for 15 years. After 15 years of making monthly payments, you will pay an additional $82,090, or 82%, on top of your original loan amount. In other words, the amount of money you spend covers the cost of not only your own house but could also go to fund over three-quarters of the cost of a house for someone else.
Would you like to continue paying the cost for someone else’s house? We don’t think so.
Make Paying Off Your Principal a Priority
In order to stop giving away money through unnecessary interest, you need to stop accruing interest in the first place. As we discussed in a previous blog post, the key to this is paying off your mortgage’s principal. Each dollar that you don’t owe is one more dollar that you get to keep in your pocket.
And while it may seem difficult to find the additional funds that are necessary in order to pay off your principal, especially when monthly payments already stretch your budget thin, it’s not impossible. In fact, it’s happening each day for mySmartPay users who are well on their way out of debt and towards their financial dreams. Isn’t it about time you start paying yourself instead of the bank? Here’s how mySmartPay makes that a reality.
mySmartPay Helps You Bridge the Gap
You already know that paying down your loans quicker allows less time for interest to accrue. For example, assuming you make minimum payments on a 30-year loan and a 15-year loan for the same amount and with the same interest rate, you’ll end up generating more interest over 30 years than you would over 15. The challenge for most people, then, is finding the extra money in order to pay down your loans quickly and minimize the amount of interest you accrue.
That’s where mySmartPay comes in.
mySmartPay helps you find the extra income you need in order to pay down your principal, often without you having to work more or make major changes to your lifestyle. mySmartPay helps you achieve this in two ways. First, mySmartPay guides you through the process of moving, consolidating, and paying off accounts in order to maximize the positive interest you earn on your assets. At the same time, mySmartPay will show you how to properly apply this positive interest to your debt. Second, mySmartPay offers user-friendly tools for helping you track and budget your expenses so you can be more informed about your spending habits and identify new ways of “freeing” the income you already have.
Of course, these are no simple feats, and the level of expertise, oversight, and – frankly – diligence you need in order to both maximize the value of your assets and reduce the total of your expenses can be more than some people can handle. This, however, is the beauty of mySmartPay. Our team has worked hard to create a product that is backed by fully-optimized algorithms so you can be confident that your money is in the best account at the ideal time. mySmartPay takes the time, effort, and stress out of managing your finances so you can focus on living life comfortably.
You’ve Worked Hard for Your Home. Enjoy It!
Becoming a homeowner is the fulfillment of one of life’s biggest dreams. If your mortgage has become a nightmare, we invite you to learn more about mySmartPay Wealth Solution. We’re here to help you save on interest, build wealth, and start living your dreams.