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 us or email us and give us your numbers on your mortgage. …We’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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