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The Impact of Extra Mortgage Payments

The Impact of Extra Mortgage Payments
 
Why Make an Extra Mortgage Payment?
 
Many of us pay more than the minimum required on our credit card bills every month, saving us money by cutting our interest payments. But what about paying down a home loan? Is that even a possibility?
The answer is almost always YES. If you’re interested in paying down your mortgage faster, saving thousands over the life of the loan, you can make just one extra payment per year — or even just one extra payment once. You’ll be surprised at how much you can save!
Making a Difference
How much difference can one or two extra payments make? Say you have a mortgage for $210,000. Your interest rate is 4% and your monthly payments are about $1,003. If you make just one extra payment of $1,000 on your loan, just once, you’ll pay off your loan up to three months earlier, saving you three months’ worth of interest.
Now here’s a more exciting example. Using the same loan parameters above, if you add $50 to every monthly payment, you’ll pay off your loan nearly two years ahead of schedule. Take a look at your ... more

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