Extra payments on a $350,000 mortgage at 6%
Amortization computed month by month.
$54,696
saved by paying $100 extra a month on a $350,000 30-year mortgage at 6% (base payment $2,098)
Savings by extra payment
| Extra | Paid off in | Interest saved | Time saved |
|---|---|---|---|
| +$50/mo | 28 yr 2 mo | $29,619 | 1 yr 10 mo |
| +$100/mo | 26 yr 7 mo | $54,696 | 3 yr 5 mo |
| +$200/mo | 24 yr 0 mo | $95,092 | 6 yr 0 mo |
| +$300/mo | 21 yr 11 mo | $126,428 | 8 yr 1 mo |
| +$500/mo | 18 yr 9 mo | $172,307 | 11 yr 3 mo |
| +$1,000/mo | 13 yr 11 mo | $238,594 | 16 yr 1 mo |
Principal and interest only; baseline interest $405,434. Confirm your lender applies extra payments to principal.
FAQ
How much does $100 extra a month save on a $350,000 mortgage at 6%?
About $54,696 in interest, and the loan is paid off in 26 yr 7 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.