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    Mortgage Calculator     
    Calculators Provided by: IMAGEPROWEBSITE.COM

    What if I Pay More Every Month?

    Input Information
    Loan Information
    Amount : ($)
    Interest Rate : (%)
    Length : (Years)
    Additional Payment
    Additional Payment : ($)

    Financial Analysis (Switch to Plain English)
      Standard Additional Payment
    Monthly Payment : $1,122.61 $1,172.61
    Total Monthly Payments : $404,136.95 $391,515.04
    Interest Savings : $12,621.92
    Length : 30 Yrs 0 Mts 27 Yrs 9 Mts
    Time Saved : 2 Yrs 1 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 3.500% interest rate, for example, your monthly payment (interest and principal only) will be $1,122.61. By the time the 30 year time period is complete, you will have paid $404,136.95 for your home.

    If you pay just $50.00 more each month, you will pay only $391,515.04 toward your home. This is a savings of $12,621.92. In addition, you will get the loan paid off 2 Years 1 Months sooner than if you paid only your regular monthly payment.

    DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.