Extra payments on a $150,000 mortgage at 6%
Amortization computed month by month.
$45,587
saved by paying $100 extra a month on a $150,000 30-year mortgage at 6% (base payment $899)
Savings by extra payment
| Extra | Paid off in | Interest saved | Time saved |
|---|---|---|---|
| +$50/mo | 26 yr 1 mo | $26,673 | 3 yr 11 mo |
| +$100/mo | 23 yr 3 mo | $45,587 | 6 yr 9 mo |
| +$200/mo | 19 yr 2 mo | $71,063 | 10 yr 10 mo |
| +$300/mo | 16 yr 5 mo | $87,677 | 13 yr 7 mo |
| +$500/mo | 12 yr 10 mo | $108,337 | 17 yr 2 mo |
| +$1,000/mo | 8 yr 5 mo | $132,464 | 21 yr 7 mo |
Principal and interest only; baseline interest $173,757. Confirm your lender applies extra payments to principal.
FAQ
How much does $100 extra a month save on a $150,000 mortgage at 6%?
About $45,587 in interest, and the loan is paid off in 23 yr 3 mo instead of 30 years.
Is it better to invest instead?
Prepaying earns a guaranteed 6% return. Investing may earn more over long periods but with risk; many people first capture any 401(k) match and build an emergency fund.