Design on a Dime

Fixing up your home shouldn't mean going into debt. In fact, we at Joy to the Home advocate ways to makeover rooms with little costs.

Because our research on happiness supported that high debt makes people miserable, here's something to think about.

Save money on your mortgage costs and pay off your home early.

If you make an additional $100 per month payment towards your house payment, you can save thousands of dollars. And possibly retire younger!

This is a typical example in the US:

Remaining mortgage balance: $270,508.68
Current interest rate: 5.700 %
Current monthly payment: $1,625.12
Extra amount paid: $100.00

This scenario pays off your remaining loan balance 3 years and 4 months earlier. Because you'll pay off your loan sooner, you'll pay less interest over the life of the loan. And save $39,071.01.

Let's take this one step further:
Extra amount paid: $200.00

This scenario pays off your remaining loan balance 6 years earlier. Because you'll pay off your loan sooner, you'll pay less interest over the life of the loan. And save $67,389.56.

Think about your home remodeling costs. Decide your long term goals first. Then explore ways to makeover your home on a budget that makes the most sense for your needs. Creating a joyful home shouldn't put you into debt.

(c) Copyright 2005 Jeanette J. Fisher