For example, let's assume you have a $200,000 fixed mortgage for 30 years at 4% interest and no down payment. As time progresses more is placed toward principal, but it takes years before the interest and principal are equal paid. In the beginning, a large portion of your payment goes to interest. Unless you plan to move in a few years, the 15-year is the way to go. It can't be expressed enough that you should almost always choose a 15-year fixed mortgage. Using our amortization calculator you can enter various scenarios to reveal the true cost of the place you will call home & any other type of loan. This may seem like a no-brainer, but so many people look only at the monthly cost and never consider the total cost. No one factor affects the cost of purchasing a house more than length of the loan. Studies have shown that you will also love the following ideas if you like this.The Full Monthly Repayment Chart and Understanding Your Payment Allocations There are even some encouraging words that you’ll get along your journey!ĬLICK HERE FOR A MONEY SAVINGS CHALLENGE PRINTABLE No Spend Challenge Printableĭon’t forget to download your free printables below!ĭownload Your No Spend Challenge Worksheet HereĪs you can see, this printable makes it super simple to keep track of all the days and mark them off as you hit your goal. Share ideas and money-saving tips with your kids so they can learn how to be responsible with money as they grow up. The outcome that you’re looking for is to be able to go a whole 30 days without having to spend a dime! Just think about how this will benefit you and your financial goals. It’s time to take the No Spend Challenge to see if you have what it takes. If you’re not consciously aware of how much money you’re actually spending during the month, you’re about to come to terms with it really quickly.Įvery time you stop and buy that coffee, or go out to eat for lunch, your wallet takes a hit and your bank account will continue to spiral downward. This year, it’s time to take the plunge and stop spending money where you really don’t need to be spending money.Ĭhallenge yourself with this No Spend Challenge Printable that you’ll find below and see how good you really are about saving money. People are quick to say that they can stop spending money anytime that they want, but how many of those people actually walk the walk rather than just talk the talk?
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