PAYING DOWN A MORTGAGE: 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.

Example

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 per month, you could cut off approximately 7 ½ years off of the mortgage.

If you are trying to payoff your mortgage quicker, and have questions, let us know.

We offer a variety of products and services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
www.counselmortgage.com
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873

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