How To Pay Off My Mortgage Early

What if I Pay More Every Month?

See how your mortgage will be reduced, if you pay $$$ more every month.

Loan Information

Amount
$
Interest Rate
%
Length
Years
Additional Payment
$
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  Standard Additional Payment
Monthly Payment $1,342.05 $1,392.05
Total Monthly Payments $483,133.89 $461,835.60
Interest Savings $21,298.29
Length 30 Yrs 0 Mts 27 Yrs 8 Mts
Time Saved 2 Yrs 4 Mts

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 5.000% interest rate, for example, your monthly payment (interest and principal only) will be $1,342.05. By the time the 30 year time period is complete, you will have paid $483,133.89 for your home.

If you pay just $50.00 more each month, you will pay only $461,835.60 toward your home. This is a savings of $21,298.29. 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. Please consult your own financial advisor.

We have many other Mortgage Calculators for you to use.

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