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Here’s how extra payments would affect a $220,000, 30-year mortgage with a 4% interest rate: Make one extra payment each quarter to shave 11 years and nearly $65,000 off your mortgage. Divide ...
So, as Ramsey said, if you must borrow, and most of us must, your goal should be to keep the mortgage below one-fourth of your take-home pay. That means if you bring home $4,000 each month, your ...
Dave Ramsey, the renowned financial guru, has long been a proponent of financial discipline and savvy money management. This can include paying off your mortgage early, but only under specific...
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Ramsey Solutions recommends specifying that you want your extra payment applied to the mortgage’s principal balance. This ensures it goes toward paying off the balance instead of being used for ...
To put this into perspective, Ramsey explains that if you take home $5,000 per month after taxes, according to his 25% rule, you should pay no more than $1,250 per month for a mortgage payment ...
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