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Financial planners continue to sound the alarm. If you're like most people, you haven't saved enough for retirement. In fact, it can be dangerously dangerous. One of the main reasons could be your mortgage. In other words, your home is costing you too much and it's robbing your retirement.<\/p>\n
But wait. Before you say "Yes, I know, my home is too expensive", this may not be the problem. Instead, it could be how you structured your mortgage.<\/p>\n
How mortgages affect savings<\/h2>\n
When people buy a home, most need to find a mortgage. Many will not shop around at all – bad idea – but for those who do, it's hard to understand what they're looking at.<\/p>\n
Lenders will give you a good estimate, filled with numbers in an endless sea of columns that are confusing at best. It is easy to focus on the one column you understand: the monthly payment. When considering these competing estimates, it's natural to choose the winning mortgage based on the lowest monthly payment. What mortgage professionals will tell you is that this is a poor way to evaluate a loan.<\/p>\n
The lower your monthly payment, the more you pay to use the lender's money. One reason: to achieve that lower monthly payment, it's likely you'll borrow the money over a longer period of time – and thus pay more interest. You could also pay for points to buy your interest rate to save money over time.<\/p>\n
Understand the difference<\/h2>\n
What does this have to do with your retirement? Because you are likely to pay a lot of money in interest on your mortgage company that could be retired. Here's how the math works.<\/p>\n
Let's say you're buying a home with a loan of 250.000 and your down payment is 10% on a 30-year fixed-rate mortgage with an interest rate of 4%. After 30 years, you will have paid a total of $429, 674. If you had done a 20-year fixed rate mortgage with the same amount down, you would have paid a little over $300 more per month, but your total cost over 20 years would be $363, 588. That's \u20ac666 you keep for retirement .. If you made a 15-year loan, you would have approximately $96, 814 extra in your pocket.<\/p>\n
How much money can increase in value over time is subject to many variables. But if that $66, 086 gained 5% each year for 10 years, you would have more than $107, 000 extra for retirement.<\/p>\n
And don't forget that with a shorter-term loan, you'll build equity in your home faster. Assuming your home goes up in value, you get the equity back when you sell your home.<\/p>\n
The bottom line<\/h2>\n
Of course, the above example is oversimplified – and with a 10% down payment, you'll also have to pay for private mortgage insurance (PMI).But while the components of your mortgage, retirement strategy and future market conditions are variables that can't be generalized, the message is clear: If you have the ability to cover a higher mortgage payment, it will put more money in your pocket later on. .. That's money you can invest in your IRA, 401(k) or other tax-deferred retirement account, 529 plan or non-tax-deferred brokerage account.<\/p>\n
A lower mortgage payment won't save you money. Unlike other purchases, paying less does not mean you have a better deal. In most cases, paying less per month means your mortgage will have a longer term and you will end up paying more because of all the interest you will exceed.<\/p>\n
There is usually no penalty for paying off your mortgage early (see The Benefits of Mortgage Payoff ) and if you double your payments, that's less interest you pay over time. Once you reach 20% equity in your home, you no longer have to pay PMI – a savings of about $60 per month in our examples above (see How to get exempt from private mortgage insurance). Other sources say PMI could exceed $90\/month for loans this size.<\/p>\n","protected":false},"excerpt":{"rendered":"
Financial planners continue to sound the alarm. If you're like most people, you haven't saved enough for retirement. In fact, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"yoast_head":"\n
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