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Paying Extra on Mortgage...There's a calculator for this.
The other day I found this calculator at www.math.com
http://mortgage.math.com/what-if-i-pay-more-calculator.php
It's the "What if I pay More Every Month?" Calculator.
Put in the amount remaining on your mortgage and the approximate number of years remaining. Your interest rate. Then put in how much extra you want to put toward the loan each month.
We already pay a 13th payment each year (we are on biweekly billing) but I discovered by paying an additional $50 in each biweekly payment we can save an additional $17,600 on the mortgage loan and shave off an additional 2 1/2 years (on top of the 5 years we are already saving by doing the 13th payment).
Pretty neat. We have a few other financial things to take care of which is why are aren't paying more to the mortgage, but once those are done, we will be putting even more toward this loan.
It's neat to see how just a little extra every month can save so much money.
Re: Paying Extra on Mortgage...There's a calculator for this.
If we actually close on our house at the end of the month, we're planning to make double payments whenever possible after we've buffed up our emergency savings (we'd love to have 6 months to a year worth of expenses covered in the emergency fund). People waste so much money on interest!
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