This software helps users visualize the impact of adding payments towards a loan. The tool shows how additional payments can decrease the loan term and interest paid, allowing users to build equity in their homes faster.
This software is an excellent option for those who want to demonstrate how added payments can reduce the term of a loan and the overall amount of interest paid. By incorporating additional principal payments into your monthly mortgage payments, you can expedite the equity gain in your home and decrease the time it takes to pay off the loan.
It's important to note that for this method to work, your bank or other lending institution must credit the payment amount against the principal of the loan every month. When you utilize this payment option, you can print out professional-looking reports that feature a "prepared by:" area.
These reports can serve as a valuable tool for financial planners as they can use them to advise their clients on the benefits of this mortgage payment method. Additionally, these reports can demonstrate to clients the impact that added payments can have on the term of the loan and how much they can save over time by reducing the amount of interest paid overall.
It's important to note that for this method to work, your bank or other lending institution must credit the payment amount against the principal of the loan every month. When you utilize this payment option, you can print out professional-looking reports that feature a "prepared by:" area.
These reports can serve as a valuable tool for financial planners as they can use them to advise their clients on the benefits of this mortgage payment method. Additionally, these reports can demonstrate to clients the impact that added payments can have on the term of the loan and how much they can save over time by reducing the amount of interest paid overall.
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