Extra
Mortgage Payments Calculator - How Much Can You Save?
To use this calculator, be sure
to select "What If I Pay More Every Month" option on
the left sidebar. For example, for a $250,000 loan amortized over
30 years @ 5% interest rate, you would save a total of $21,298.29
by just making a $60 extra payment every month. This calculator
is so powerful that it will output the financial analysis for
you in plain English, an example follows:
"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."
| |
Before Extra Payment |
After Extra Payment |
| Monthly Payment |
$1,342.05 |
$1,392.05 |
| Total Monthly Payments (30
years) |
$483,133.89 |
$461,835.60 |
| Total Interest Savings |
$21,298.29 |
| Length |
30 years and 0 months |
27 years and 8 months |
| Time Saved |
0 |
2 years and 4 months |
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