What if I Pay More Every Month?

See how your mortgage will be reduced, if you pay $$$ more every month.
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Financial Analysis (Switch to Plain English)
  Standard Additional Payment
Monthly Payment : $1,193.54 $1,243.54
Total Monthly Payments : $429,669.80 $414,435.74
Interest Savings : $15,234.06
Length : 30 Yrs 0 Mts 27 Yrs 9 Mts
Time Saved : 2 Yrs 1 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 4.000% interest rate, for example, your monthly payment (interest and principal only) will be $1,193.54. By the time the 30 year time period is complete, you will have paid $429,669.80 for your home.

If you pay just $50.00 more each month, you will pay only $414,435.74 toward your home. This is a savings of $15,234.06. In addition, you will get the loan paid off 2 Years 1 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 financial and/or tax advisor.