How A Mortgage Calculator Can Make Your Annual Bonus Count
An annual bonus can be a wonderful windfall at the end of the year to do with as you please. It could go into savings, a special purchase, paying down your credit cards or into your house as a prepayment on your loan. When your mortgage is calculated, either fixed or adjusted, you are told how much to pay on a monthly basis.
However, a mortgage calculator that specializes in additional payments will show it can be very much in your favor to consider this using your bonus as an additional annual payment
And you thought you were through with a mortgage calculator after you signed the papers on your house.
The monthly payment your mortgage lender requires is the least amount you must pay in order to keep current on your mortgage. It doesn’t mean that you can’t pay more! If you have an annual bonus which comes in every year, then it is definitely worth investing this by paying an additional annual payment against the principal outstanding on your mortgage.
Use a mortgage calculator to work out how much difference your annual bonus makes to your mortgage. Depending on the size...
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