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May 15th, 2010
02:44 AM ET

Want to shave thousands of dollars off your mortgage?

From finance expert Clyde Anderson:

Do you realize that an additional $200 a month applied to your mortgage can shave off years on your mortgage and save you thousands of dollars? Sure, I hear you saying, "Yes, but who has any extra in this economy?" Well that's a great question. I would venture to say there are many people out there who can swing it and it may be you, but you don't even realize it.

You may be saying, "If I had $200 a month extra, I would know. Lets take a look at one area and see. I know there are many people who go out for lunch each day at work, spending on average $10 a day. $10 a day equates to how much monthly? Yes, you guessed it - $200. Now would you rather brown bag it for a little while in order to pay off your loan sooner and even save thousands and thousands of dollars? Or would you rather give it to the restaurant who's providing food you could have made at home?

My point is we have to change our minds in order to change our lives. $200 a month could mean a filling lunch for a month or it could mean paying off your mortgage in 15 years as opposed to 30.

Look for Clyde Anderson's Home School segment in the 7 o'clock hour of CNN Saturday Morning. TJ has the weekend off - Kate Bolduan and Jim Acosta join us beginning 6am ET/ 3am PT.

Filed under: CNN Newsroom
soundoff (7 Responses)
  1. john doe

    Here's the deal, in lue of what happened with the market,"Give" these people there homes!!! It doesn't take 30 or 40 years to pay for a house!!! Do you want this house or not!!! The rest is profit margins and bounes!!! USA is the way!!!

    May 15, 2010 at 5:50 am |
  2. Carl

    This Clyde is a clod. $200.00 a month juxtaposed against what it costs me in gas to get to work every moth makes his theory ridiculous!

    May 15, 2010 at 5:12 pm |
  3. bob disland

    We all are for the new law in Arizona. WE hope that Colo. will also do the same. I would like to know why the illegals think they should get a free pass? WE don't get on the News or go into the streets, but theres a lot of people that feel the same.Even the Spanish guys I know don't want them here, they also know that it takes work from them.

    May 15, 2010 at 5:17 pm |
  4. Shelly Carithers

    You need to clean up this story! You are talking about Bi-WEEKLY mortgage payments, not bi-Monthly! When I first heard it I thought it was just a slip, but all the graphics said Bi-Monthly. I can't believe no one caught that, but a bimonthly mortgage payment would not serve a borrower in any of the ways you discussed. The saving grace is that banks would be very unlikely to accommodate a request for a bimonthly payment schedule.

    May 16, 2010 at 6:28 am |
  5. Donald

    The article constantly referred to "bi-monthly" payments. "Bi-monthly" refers to every other month . You should use "semi-monthly".

    May 16, 2010 at 7:23 am |
  6. Power Edge MG

    A few years back I look into the Bi-weekily mortgages and to my belief it seems that it was just welcoming more problems, however, as you continued to read and listen to the different options to correct or help pay off the mortgage faster, you find that it really can be done. Watching a show called first buyers or first time buyers on Saturaday even the show incorporated the idea to the first time buyers that this could be done by just applying the second payment or extra money a month to the principle, would help pay off the home loan at a nice pace.

    May 17, 2010 at 5:53 pm |
  7. tessa sterling-richards

    you are sure right i need to try this...thanks for yourr thoughts

    May 17, 2010 at 9:22 pm |