What if I Pay More Every Month?

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 6.250% interest rate, for example, your monthly payment (interest and principal only) will be $1,539.29. By the time the 30 year time period is complete, you will have paid $554,137.50 for your home.

If you pay just $50.00 more each month, you will pay only $523,407.06 toward your home. This is a savings of $30,730.44. In addition, you will get the loan paid off 2 Years 6 Months sooner than if you paid only your regular monthly payment.