I have borrowers ask me if paying extra on their mortgage payment each month will save them money over the life of the loan.
The answer is… Yes!
It can save quite a bit actually.
I created the table below to illustrate the savings.
This is based on a 30 year $100,000 mortgage at 4% interest.
| Extra Payment Monthly | Years Saved Off Mortgage |
| 0 | 0 |
| 50 | 5 Years |
| 100 | 8.5 Years |
| 150 | 11.08 Years |
| 200 | 13.08 Years |
| 250 | 14.6 Years |
If you would like to see how much an extra payment would effect your mortgage just call me or email me and give me your numbers on your mortgage. …I’ll be happy to help you!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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