MORTGAGES

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Are you considering purchasing a home? Be sure to see Community Credit Union first to get pre-approved. We offer first and second mortgages at a competitive rate. Plus, we offer payment options to fit your needs (monthly, semi-monthly, bi-weekly or weekly)

Calculate Your Monthly Mortgage Payment

Click here to connect to the  Mortgage Payment calculator.

This calculator will help you:

• Figure out how much home you can afford
• Decide which home to buy (the one you can afford)
• Determine which loan is best for your situation
  

Dreaming of Early Mortgage Payoff?

The road to early mortgage payoff is often paved with good intentions. Many people go into a mortgage with the intention of making an extra payment a year to shorten the length of the loan and the amount of interest they pay, yet find out that day-to-day expenses keep them from ever raising the lump sum to make the extra payment at all.

But rather than saving for one large payment, what if you made a small "extra payment" against your principal - say ten, fifteen or twenty dollars per month? The numbers may surprise you.

Let's say you take out a $200,000 mortgage for 30 years at 7% interest. If you made no extra payments over the life of the loan, you'd pay $79,017.80 in interest. If you added just $10 to your mortgage payment per month, you'd save $8,321.19 on your interest payments and your mortgage would be paid off seven months earlier!

The savings on $15, $20 and $50 extra payments are even more impressive. Here's a chart detailing the interest savings over the life of the same loan.

Extra Payment Amount	Interest Paid	Payoff Time	Savings
$0	$79,017.80	30 years	$0
$10	$70,696.61	29 years, 5 months	$8,321.19
$15	$66,756.96	28 years, 10 months	$12,260.84
$20	$62,953.37	28 years, 6 months	$16,064.43
$50	$42,588.80	27 years, 9 months	$36,429.00
$100	$15,709.16	25 years, 2 months	$63,308.64

Getting started with micro-payments is easy, and chances are you'll be in a better position to make larger payments against your principal as the loan matures. The main thing is to get in the habit of making those small extra payments today. You'll be rewarded for your effort.