HOMES - MORTGAGE PREPAYMENT
"This section
contains additional data that supplements basic information contained in
Your
Money Matters
and should be used
in conjunction with the material contained in Your
Money Matters."
How Much Can You Can Save by Prepaying Your Mortgage?
Here’s an illustration of how much you can save by adding a
little money to your monthly mortgage payment. It assumes the following:
$100,000 mortgage
Incidentally, the regular monthly mortgage payment is $700.
|
Extra Monthly Payment |
Mortgage Paid Off in |
Total Payments |
|
$ 0 |
30 years |
$ 252,000 |
|
$ 25 |
26 years |
$ 231,000 |
|
$ 50 |
24 years |
$ 216,000 |
|
$ 100 |
20 years |
$ 195,000 |
|
$ 200 |
16 years |
$ 171,000 |
The following web sites contain easy-to-use calculators that can help
you determine how much you can save by making extra payments against
your mortgage: