I get questions like this from borrowers all the time… “If I pay an extra $100 a month on my payment how many years would it take off my mortgage?”
The answer is it can shave off alot of years and save you a ton of money!
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.
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