Week 7: Renovate your mortgage
All right, we’re on a debt roll at the moment so let’s continue! If you don’t have a mortgage, you can skip this and give yourself a week off (although you can apply the basic principles that we’ll be discussing to any sort of loan). Otherwise, read on!
Your mortgage is likely to be the biggest debt you will ever have. And it is mind-blowing just how much interest you will pay on that mortgage over the life of the loan. See table 7.1 for an example.
Table 7.1: interest payable on a $350 000 mortgage
So, your modest $350 000 mortgage will actually cost you a total of $907 037 over the life of your mortgage — more ...
Get Money For Nothing: How To Land The Best Deals On Your Insurances, Cards, Super, Tax And More now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
