It’s no secret that banks charge an insane amount of interest on any loan they give out. Especially for mortgages. In fact, for many years, you’re not actually making payments on your home- you’re just paying the bank thousands of dollars in interest only. Which is just crazy! For tips on how to avoid this and save up to $100,000 on interest, read this article by Anita at Live Like You Are Rich:
What did we decide? Ultimately, because we didn’t know what the future held, and for more financial security, we decided to go with a 15 year loan but we pay an additional couple hundred dollars a month towards principal. We are on track to have our home paid off in about 10 years. This will save us $100,213.35 in interest alone.