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Paying Off Your Mortgage in Half the Time:: Ep 15 Mortgage Wise with Mike Wise
Manage episode 446680920 series 3588640
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Paying Off Your Mortgage in Half the Time:: Ep 15 Mortgage Wise with Mike Wise
This episode discusses a strategy to pay off a mortgage in half the time of a 30-year fixed rate mortgage. Using a simulator, he compares a $1 million purchase with a $800,000 loan at 6.75% interest to an all-in-one loan. The all-in-one loan, with bi-weekly payments and additional $200 monthly, saves $406,000 in interest over 17.1 years, or $650,000 if rates drop to historical levels, paying off in 14.3 years. This strategy allows for faster wealth accumulation, potentially reaching $3.5 million compared to $2.2 million with a 30-year mortgage.
Watch this episode for details on how the loan works and please reach out with any questions!
Highlights:
Setting Up the Simulation (1:11)
Adjusting Income and Expenses (2:24)
Comparing Mortgage Options (4:27)
Wealth Accumulation and Future Projections (6:35))
Join Mike Wise, a seasoned mortgage expert, on "Mortgage Wise with Mike Wise," your go-to podcast for navigating the world of real estate financing. Whether you're a first-time homebuyer, seasoned investor, or industry professional, Mike covers everything you need to know. From in-depth discussions on various loan types and understanding market trends to timely updates on interest rates and their economic and political drivers, Mike keeps you informed and empowered in today's dynamic real estate landscape. Stay tuned for expert insights and practical advice that can make a difference in your financial decisions.
Follow along at www.mortgagewisewithmikewise.com
This podcast is produced by Jim McCarthy and ItsYourShow.co
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