How much do you save by paying extra on your mortgage?

+1 vote
asked Jun 4 in Real Estate - Renting by FrikLober (250 points)
How much do you save by paying extra on your mortgage?

1 Answer

0 votes
answered Jun 7 by Judy (29,060 points)
The amount of money you'll save by paying extra on your mortgage will depend on the amount of your mortgage and how much money you now owe on the mortgage.

The savings do add up though and over the course of a 30 year mortgage on say a $200,000.00 home you'll pay up to $186,000.00 in interest so if you make even just 1 extra mortgage payment per month on that mortgage you will save up to $32,700.00

So yes if possible make extra mortgage payments to knock that mortgage down and save money in interest.

Then once you have that mortgage paid down put the mortgage payments into a high yield savings account and by retirement you should have a good nest egg.

7,870 questions

8,173 answers

25 comments

167,234 users

...