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Find the additional payment required to pay off your loan early.
If you start to pay more or less toward your mortgage each month than the original payment amount, you can save or add a number of years to the length of your mortgage. Even the difference of just $40 can save you a couple of years or add a couple years to the length of your payment.
If you took out a mortgage loan for $250,000.00 with a 5.875% interest rate, for example, you could expect to pay $1,478.84 per month. If you change your payment to $1,304.12, however, you will have to pay on your mortgage for 47 year(s) and 8 month(s) instead of 30 years.
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.