Getting it Right - Welcome

The goal of this blog is to publish my thoughts on a variety of economic and political topics in the hopes that people who find them educational or beneficial will utilize them and/or forward to others who might find them interesting and/or worthwhile to promote to others, possibly including politicians who can push some of these ideas to fruition. The topics in my blog are meant to be of value on a long term basis, not a daily diary or political issue of the day log. If the information posted is useful to you, by all means utilize it and/or forward it as you see fit. If not useful, then merely ignore it. There are no universally agreed upon truisms and too little tolerance between some of those with opposing viewpoints to successfully convince the people with hardened opinions to move away from them. I am an analytical type person who will try to be as factual as I am able.

I disdain the current popularity of name calling and condemnation of viewpoints with no factual alternatives or logical solutions given that I see so often. If you don't have a solution based on fact and logic, then opt out of the discussion because you have nothing to contribute. My background is a degree in Economics from the University of Michigan and 39 years working in middle management jobs for a major retailer. My opinions are forged on the personal experence of life, family, friends, and work as well as triumphs and mistakes that I have made and hopefully learned from. My hope is that this blog helps you.

My first topic will be about personal finance. I chose that one first because most of us work long and hard just to survive but not all of us realize our dreams of becoming financially independent from the labors of our work. Much of our political votes/thinking also focus on the economy and in particular how well we are personally doing financially.

It is relatively simple, without sacrificing the enjoyment of living for 'today' and even at moderate incomes, to retire as a millionaire or multi-millionaire, if you focus on that goal consistently from a young age. It is also simple to ensure that your child or grandchild retires rich. It merely requires a one time gift of just $2,000 invested wisely and the passage of time. Please read my first post on this blog to learn more.


Getting it right on Politics, Economics, and Personal Finance

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Saturday, December 20, 2025

How to Save Lots of Money on Mortgages

How to Save Lots of Money on Mortgages

Want to save a lot of money on a new mortgage? Get a 15 year home mortgage instead of a 25 or 30 year mortgage. As an example, Let's take each of those mortgages at a 5% interest rate for a $100,000 mortgage and compare:

1. Monthly mortgage payments (without property taxes included) would be $536.82 (30 year), $584.59 (25 year) and $790.79 (15 year). Therefore cutting your 30 year mortgage lifetime in half for a 15 year lifetime mortgage is much less than double the 30 year mortgage monthly payment.

2. Lifetime out of pocket mortgage money you pay is $193,255 (30 year), $175,377 (25 year) and $142,343 (15 year. Therefore a 15 year mortgage saves you almost $50,000 in out of pocket lifetime monthly payments versus a 30 year mortgage and over $33,000 versus a 25 year mortgage on a $100,000 mortgage.

3. If you sell your house before the mortgage is paid off, a 15 year mortgage will have paid off much more mortgage principal than a 25 or 30 year mortgage. Therefore, you will have much more money left over after you pay your mortgage balance with a 15 year mortgage than with a 25 or 30 year mortgage.

Here's a link to a free mortgage calculator to help you determine the costs and savings using mortgage loan balances and interest rates that apply to your circumstances.

https://www.mortgagecalculator.org/

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