Category: Extra Payments

EXTRA PAYMENT TO PRINCIPAL

  Everyone knows if you make extra payments on your mortgage, you can pay it off sooner, but, how much quicker do you pay it off by making the extra payments? We have a calculator on our website which shows you how much quicker you can payoff the mortgage by making an extra payment. If you have a $200,000 mortgage and a 4% 30-year fixed mortgage rate, your monthly principal and interest payment is $954.83. However, if you paid an extra $100 per month, you could cut approximately 4 years off of the mortgage; if you paid an extra $200...

Read More