Difficulty: Easy
Instructions
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Step 1
15-Year Mortgage. Going with a 15-year mortgage versus a 30-year mortgage can save $75,000 on a $100,000 loan! So, if you're looking at a $200,000 home that would be affordable over a 30-year period, consider looking for a lower priced house that would allow you to pay your mortgage off in half the time and save a huge amount of money.
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Step 2
Bi-Monthly Payments: If you have your heart set on a higher priced home, you can still cut your final costs considerably by making bi-monthly payments, rather than once a month. There are many bi-monthly payment programs available.
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Step 3
Interest Rate: Do significant research on where you can get the lowest interest rate. Reducing a 7% interest rate by just half a percent can save you $5000 of interest.
