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 a lot 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 affect 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
USDA is a 100% government insured loan. Low rates, and no down payment. However, there…
The bad news is that according to Redfin, 38% of U.S. renters don’t believe they’ll…
In Texas we have some unusual rules when it comes to getting cash out of…
If you pay your property taxes apart from your mortgage payment, and you didn’t get…
If you purchased a home using your own cash, and now would like to pull…
Did you realize that when buying a house from an immediate family member – the…