Getting Out Of Debt

Getting Out Of Debt

     Did you know that adding just $100 a month to your house payment can save you over $7,687 in interest on a 15 year mortgage (5% APR) and over $57,035 if you have a 30 year mortgage (5.5% APR)?  Additionally, your payments will end 27 months ($32,027) and 79 months ($71,047) early, respectively.                                                                                                        

     If your house payment is $1,000 a month, in a minimal tax bracket you have to earn $1,552.57, which (after taxes and tithing) equals $1,000 net income for your house payment.  Remember, YOU PAY ALL BILLS WITH NET INCOME, NOT GROSS.   That’s $37,261.68 (15 yr.) and $122,653.03 (30 yr.) you don’t have to earn if you retire your mortgage early with just $100 extra each month.  For the cost of two dinners out ($50 each) and two movies ($15 each) per month, couples can save $130 a month to do it.

     IT NEVER PAYS TO BE IN DEBT.  Mortgage interest doesn’t give as good a tax deduction that Fast Offering and Missionary Donations do.  And, the best movie in town and an excellent dinner can cost as little as $10.00, and no tipping is required.   Dinner and a movie at the temple twice a month can not only get you out of debt early, but can give vision and pay dividends for all eternity.
     For more information, call (your ward emergency preparedness specialist).


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