New HSH.com calculators could save you thousands!by Tim Manni
Just this week, HSH.com released two new and unique calculators designed to help homeowners save thousands by paying off their mortgages early.
RoundUp Prepayment Calculator
The RoundUp Prepayment Calculator is a simple concept to help you save money in a painless manner.
Rounding your mortgage payment up to the next whole-dollar increment can bring big savings, simply, easily and painlessly. Even simply rounding up to the next one dollar might save you hundreds of dollars in interest costs over the life of your mortgage.
Some banks are doing this with their “keep the change” type structure of rounding up purchases to the nearest dollar, and depositing that amount into a savings account. This calculator shows the effect of rounding up your mortgage payment to the nearest dollar.
Just a few small regular prepayments of a few dollars a month can add up to thousands of dollars of savings over time.
It’s My Term Prepayment Calculator
Have you ever wondered: What’s it going to take to get my mortgage paid off before I retire, or before I get to age 55?
If so, you might not know that you can make your mortgage any term you like by making simple fixed prepayments each month. Tell us when you want your mortgage to go away, and the It’s My Term Prepayment Calculator will tell you exactly how much you’ll need to do it and how much you’ll save by doing so!
The calculator provides the dollar amount of prepayment needed to hit that time goal, and shows the savings compared to the existing loan. This is aimed at a money-management audience and folks looking to pay off their homes before a life event (retirement, kid’s college, etc).
Can’t refinance? Prepay!
Despite historically low mortgage rates and an ongoing federal refinance program, too many homeowners have found that they don’t qualify and are thus unable to take advantage of today’s rock-bottom mortgage rates.
So even if you haven’t been able to refinance, there’s still a way to carve thousands off your mortgage balance: prepay your loan.