Extra payments on a $150,000 mortgage at 6.5%
Amortization computed month by month.
$51,724
saved by paying $100 extra a month on a $150,000 30-year mortgage at 6.5% (base payment $948)
Savings by extra payment
| Extra | Paid off in | Interest saved | Time saved |
|---|---|---|---|
| +$50/mo | 26 yr 0 mo | $30,497 | 4 yr 0 mo |
| +$100/mo | 23 yr 1 mo | $51,724 | 6 yr 11 mo |
| +$200/mo | 19 yr 0 mo | $79,916 | 11 yr 0 mo |
| +$300/mo | 16 yr 3 mo | $98,110 | 13 yr 9 mo |
| +$500/mo | 12 yr 9 mo | $120,581 | 17 yr 3 mo |
| +$1,000/mo | 8 yr 4 mo | $146,691 | 21 yr 8 mo |
Principal and interest only; baseline interest $191,317. Confirm your lender applies extra payments to principal.
FAQ
How much does $100 extra a month save on a $150,000 mortgage at 6.5%?
About $51,724 in interest, and the loan is paid off in 23 yr 1 mo instead of 30 years.
Is it better to invest instead?
Prepaying earns a guaranteed 6.5% return. Investing may earn more over long periods but with risk; many people first capture any 401(k) match and build an emergency fund.