What if I Pay More Every Month?

Input Information
Loan Information
Amount : ($)
Interest Rate : (%)
Length : (Years)
Additional Payment
Additional Payment : ($)

Financial Analysis (Switch to Plain English)
  Standard Additional Payment
Monthly Payment : $1,478.84 $1,528.84
Total Monthly Payments : $532,376.78 $504,720.42
Interest Savings : $27,656.37
Length : 30 Yrs 0 Mts 27 Yrs 6 Mts
Time Saved : 2 Yrs 4 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 $250,000.00 with a 5.875% interest rate, for example, your monthly payment (interest and principal only) will be $1,478.84. By the time the 30 year time period is complete, you will have paid $532,376.78 for your home.

If you pay just $50.00 more each month, you will pay only $504,720.42 toward your home. This is a savings of $27,656.37. In addition, you will get the loan paid off 2 Years 4 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 it's applicability to your financial situation. By refinancing your current mortgage, the finance charges on the new loan may be higher over the life of loan as compared to continuing to pay your current mortgage. Please consult your personal financial advisor.