It's Income Tax Time Again!

Many people absolutely dread the thought of doing their income taxes each year.  However, for a positive spin on things let's look at it this way....what if you took your income tax refund and applied it directly to your mortgage principal each year! How many thousands of dollars would you save in interest payments simply by putting your income tax refund onto your principal!!  It's quick and easy to figure out by looking at your amortization schedule.  Once you know the amount of your refund, take a look at the right hand column of the amortization schedule which shows your outstanding balance.  Start with the amount you owe now and track down to the amount you will owe once the income tax refund has been applied to the principal.  Then look at the interest column for the payments you are going to be eliminating and add up the interest saved!  You'll be shocked at how much impact just a little bit of extra principal payment will make plus you'll knock months or even years off the length of your mortgage and have your home paid off sooner!  I can help you with these calculations if you would like to know more! 

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

Keeley Ward

Keeley Ward

Sales Representative
CENTURY 21 Infinity Realty Inc., Brokerage*
Contact Me

Blog Archives

Tags