What if I Pay More Every Month?

Mortgage Calculators » What if I Pay More Every Month?
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  Standard Additional Payment
Monthly Payment : $2,212.24 $2,262.24
Total Monthly Payments : $796,393.79 $762,312.49
Interest Savings : $34,081.30
Length : 30 Yrs 0 Mts 28 Yrs 0 Mts
Time Saved : 1 Yrs 11 Mts
Plain English Help Switch to Financial Analysis

When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a great deal of money by simply paying a little extra each month.

If you take out a 30 year loan for $350,000.00 with a 6.500% interest rate, for example, your monthly payment (interest and principal only) will be $2,212.24. By the time the 30 year time period is complete, you will have paid $796,393.79 for your home.

If you pay just $50.00 more each month, you will pay only $762,312.49 toward your home. This is a savings of $34,081.30. In addition, you will get the loan paid off 1 Years 11 Months sooner than if you paid only your regular monthly payment.
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or its applicability to your financial situation. Please consult your own financial advisor.