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Making Extra Payments

Below are a couple of examples of how much money can be saved by making additional payments each month.  You will save tens of thousands of dollars and knock years off your loan by paying as little as $50 extra each month.  
Download your own Mortgage Accelerator spreadsheet to find out how much money you can save! 

Paying $50 extra each month:
 
Mortgage Amount

 $                              300,000

Interest Rate

6.00%
Term of Mortgage

30
Monthly Payment

 $                             1,798.65

Plus Additional Principal

 $                                 50.00

Increased Monthly Payment

 $                             1,848.65

Loan will be paid off in

334.5

 months

27.87

 years
Savings in Interest will be

 $                           29,212.50

Total w/normal payments

 $                          647,514.57

Total w/increased payments

 $                          618,302.07


Paying $100 extra each month:
Mortgage Amount

 $                              300,000

Interest Rate 6.00%
Term of Mortgage 30
Monthly Payment

 $                             1,798.65

Plus Additional Principal

 $                                100.00

Increased Monthly Payment

 $                             1,898.65

Loan will be paid off in

312.9

 months

26.08

 years
Savings in Interest will be

 $                           53,346.67

Total w/normal payments

 $                          647,514.57

Total w/increased payments

 $                          594,167.90


Paying $150 extra each month:
Mortgage Amount

 $                              300,000

Interest Rate

6.00%
Term of Mortgage

30
Monthly Payment

 $                             1,798.65

Plus Additional Principal

 $                                150.00

Increased Monthly Payment

 $                             1,948.65

Loan will be paid off in

294.5

 months

24.54

 years
Savings in Interest will be

 $                           73,708.82

Total w/normal payments

 $                         647,514.57

Total w/increased payments

 $                         573,805.75


Paying $200 extra each month:
Mortgage Amount

 $                              300,000

Interest Rate

6.00%
Term of Mortgage

30
Monthly Payment

 $                             1,798.65

Plus Additional Principal

 $                                200.00

Increased Monthly Payment

 $                             1,998.65

Loan will be paid off in

278.4

 months

23.20

 years
Savings in Interest will be

 $                           91,174.58

Total w/normal payments

 $                         647,514.57

Total w/increased payments

 $                         556,339.99