Extra payments on a $350,000 mortgage at 7%
Amortization computed month by month.
$71,302
saved by paying $100 extra a month on a $350,000 30-year mortgage at 7% (base payment $2,329)
Savings by extra payment
| Extra | Paid off in | Interest saved | Time saved |
|---|---|---|---|
| +$50/mo | 28 yr 1 mo | $39,011 | 1 yr 11 mo |
| +$100/mo | 26 yr 4 mo | $71,302 | 3 yr 8 mo |
| +$200/mo | 23 yr 8 mo | $122,122 | 6 yr 4 mo |
| +$300/mo | 21 yr 6 mo | $160,689 | 8 yr 6 mo |
| +$500/mo | 18 yr 4 mo | $216,082 | 11 yr 8 mo |
| +$1,000/mo | 13 yr 8 mo | $294,443 | 16 yr 4 mo |
Principal and interest only; baseline interest $488,281. Confirm your lender applies extra payments to principal.
FAQ
How much does $100 extra a month save on a $350,000 mortgage at 7%?
About $71,302 in interest, and the loan is paid off in 26 yr 4 mo instead of 30 years.
Is it better to invest instead?
Prepaying earns a guaranteed 7% return. Investing may earn more over long periods but with risk; many people first capture any 401(k) match and build an emergency fund.