[ALISON S]

verify my calculations.? I have a mortgage of 185,000 at 4.88% interest for 30 years. If I keep paying the $980/month for 30 years it will be paid off. Principal $185,000 and interest $167,655 after the 30 years. Now what would I save if I put $10,000 towards my mortgage (let’s just assume I still have 30 years left) and still continued to pay $980/month. According to my calculation it would only take me 26.6 years to pay my mortgage or 320 months (vs. 360 months). So then would I save in the end $980 x 40 months= $39,200? Now another question. If I instead took this $10,000 and put it in a Roth making 8% interest (never adding any more money) at 26.6 years (320months) would I have $83,834? (I know I didn’t factor in that you can only contribute $5,000/year to a roth so it will be ever so slightly less) Please let me know if my above calculations are correct. If so, it’s any easy decision what to do with my money.