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Would paying a little extra principal on your mortgage each month really save you much money?

 

Even small amounts add up over time and can make a sizeable difference. For example, below are the results of paying little extra on a $200,000 mortgage at 4.5% with a 30-year term:

 

Extra Monthly Principal

Years Saved

Interest Savings

$50
$100
$150
$200
2.7
5.5
6.92
8.50
$17,000
$31,745
$43,204
$52,755
     

 

If you would like to know how much extra you need to pay to have your home paid off within a certain time period or would like to know what an extra $50 a month would do to your loan, just give me a call. I would be happy to figure that out for you!


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