• Schedule a Complimentary Consultation
  • Contact Us
  • Got Questions? Ask Us!
Schedule a Complimentary Consultation

x

Contact Us

x

Got Questions? Ask us!

x

Main Content

Home » Exchange Calculators » What if I Pay More Every Month?

What if I Pay More Every Month?

Input Information
Loan Information
($)

(%)

(Years)

Additional Payment
($)





Financial Analysis (Switch to Plain English)
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

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 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.