Do you save money if you pay off your mortgage early?

+1 vote
asked Jun 20, 2018 in Real Estate - Renting by Tharwat (260 points)
Do you save money if you pay off your mortgage early?

1 Answer

0 votes
answered Jun 20, 2018 by Shelde (49,390 points)
Yes by making extra mortgage payments and shaving years off your mortgage you can save a hefty amount of money in interest charges.

If you pay off a home mortgage even one year sooner you can save around $30,000.00 or more in interest.

Over the course of a 30 year mortgage on a $200,000.00 to $250,000.00 home you pay around $120,000.00 to $180,000.00 in interest so shaving years off your mortgage can save you a good amount of money.

So if you can do make that extra mortgage payment on your home to get your home paid off sooner.

101,014 questions

96,518 answers

1,285 comments

7,000,193 users

...