Make extra payments on your mortgage.

Pay off your loan ahead of schedule and save money too!

There are several ways to pay off your loan ahead of schedule but they all boil down to the same thing; getting more money applied to the principal. You can make more frequent payments, make a large payment in the beginning, or make larger payments than the required amount. Consider the loan below:

Loan amount:$100,000
Interest rate:7.5%
Period:30 Years
Monthly payment:$699.21
This loan is amortized over 30 years and over the course of the loan $251,717 will be paid. Look what happens when extra payments are made.
Example
Required Payment
Extra Payment
# of Payments
Total Paid
Savings
Finance Charges
A
$699.21
0
360
$251,717.22
0
$151,717.22
B
$699.21
$100
245
$195,406.45
$34,898.79
$95,406.45
C
$699.21
$150
214
$181,511.52
$48,793.72
$81,511.52

“B” & “C” saved lots of money on the cost of their loans and they paid them off way ahead of schedule.

I am happy to prepare a free loan analysis for you. If you would like to see what extra payments could do to reduce your loan just give me a call or e-mail me the following information:

  • Your loan amount
  • The interest rate on your loan
  • The amortization period (how many years 15,20,30?)
  • The extra monthly payment you want to make.
Make extra payments on your mortgage.Pay off your loan ahead of schedule and save money too! There are several ways to pay off your loan ahead of schedule but they all boil down to the same thing; getting more money applied to the principal. You can make more frequent payments, make a large payment in the beginning, or make larger payments than the required amount. Consider the loan below:Loan amount: $100,000 Interest rate: 7.5% Period: 30 Years Monthly payment: $699.21 This loan is amortized over 30 years and over the course of the loan $251,717 will be paid. Look what happens when extra payments are made. Example Required Payment Extra Payment # of Payments Total Paid Savings Finance Charges A $699.21 0 360 $251,717.22 0 $151,717.22 B $699.21 $100 245 $195,406.45 $34,898.79 $95,406.45 C $699.21 $150 214 $181,511.52 $48,793.72 $81,511.52 "B" & "C" saved lots of money on the cost of their loans and they paid them off way ahead of schedule.I am happy to prepare a free loan analysis for you. If you would like to see what extra payments could do to reduce your loan just give me a call or e-mail me the following information:Your loan amount The interest rate on your loan The amortization period (how many years 15,20,30?) The extra monthly payment you want to make.