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Reduce Your Mortgage Payments

 

Low mortgage payments are an insurance against financial hardship. With PayHome, you can reduce your mortgage and thus your monthly payments. Furthermore, the reduction in mortgage should qualify you for a lower interest rate. Savings from the reduction can be significant depending on the amount of PayHome. The following example is before the origination fee.


Home Price:

$500,000

$500,000

Down Payment:

$100,000

$100,000

PayHome:

         -- 

$100,000

Mortgages (5.5%):

$400,000

$300,000

Monthly Payments:

$2,271

$1,703

Monthly Savings:

  

$568

Annual Savings:

  

$6,816

Five-Year Savings:

  

$34,408

In addition to the substantial savings on down payments and mortgage payments, home buyers can avoid to trade up later to more suitable homes. Realtor commissions, closing costs, and moving expenses amount typically to more than 10% of the price of a new home. Moreover, buyers can capitalize on the leverage of a smaller down payment. They will obtain with PayHome a higher rate of return on their home investments than when they make the entire down payment with a similar mortgage.

By filling the blanks below, you can compare the savings and the rates of return on a down payment with PayHome and without PayHome. First use identical mortgages for the purchase savings and the rates of return. Then use different mortgages for the monthly, annual and five-year savings.

                                                                              

Home purchase price:

  

Your down payment

  

PayHome requested:

  

Estimated payoff year:

  

Estimated annual appreciation:

  

(mortgage parameters to be inserted here)



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