Saving for retirement without living like a pauper

Have you ever wondered how much money you could save when borrowing loans if you had a good credit score? Small relative shifts on your credit score can make a huge impact on your monthly payments, and these monthly payments added over time can make significant difference as well. Gail MarksJarvis, author of Saving for Retirement without Living Like a Pauper or Winning the Lottery quotes, "What if you could invest that money in a simple mutual fund that covered the entire stock market and left it until you were approaching retirement?" Historically these funds have earned on average 10 percent per year. Investing even $100 per month of money saved, thanks to a better score, over the course of 40 years adds up to over $559,500.

i) Money Saved on Mortgages
It's assumed the mortgage is for $165,000 and 30 Year Fixed-Term Mortgage.

Credit Score	Interest Rate	Monthly Payment	Money Saved if Credit Score was >760
760 - 850	6.274%	$1,019	0
700 - 759	6.496%	$1,042	$8627
660 - 699	6.780%	$1,073	$19,788
620 - 659	7.590%	$1,164	$52,336
580 - 619	8.905%	$1,316	$107,234
500 - 579	9.899%	$1,436	$150,192

* This is the total money one could save over the life of the 30 year mortgage term if the Credit Score was greater than or equal to 760.
ii) Home Equity Loan

It's assumed the home equity loan is for $30,000, 15 year Fixed-Mortgage term.

Credit Score	Interest Rate	Monthly Payment	Money Saved if Credit Score was >760
740-850	8.492%	$295	0
720 - 739	8.792%	$301	$953
700-719	9.292%	$310	$2,562
670-699	10.067%	$324	$2,100
640-669	11.567%	$352	$10,161
620-639	12.817%	$376	$14,523

** This is the total money one could save over the life of the 15 year mortgage term if the Credit Score was greater than or equal to 740.