LoanMath

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

ExtraPaid off inInterest savedTime saved
+$50/mo28 yr 2 mo$29,6191 yr 10 mo
+$100/mo26 yr 7 mo$54,6963 yr 5 mo
+$200/mo24 yr 0 mo$95,0926 yr 0 mo
+$300/mo21 yr 11 mo$126,4288 yr 1 mo
+$500/mo18 yr 9 mo$172,30711 yr 3 mo
+$1,000/mo13 yr 11 mo$238,59416 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.