Extra payments on a $600,000 mortgage at 6%
Amortization computed month by month.
$58,423
saved by paying $100 extra a month on a $600,000 30-year mortgage at 6% (base payment $3,597)
Savings by extra payment
| Extra | Paid off in | Interest saved | Time saved |
|---|---|---|---|
| +$50/mo | 28 yr 11 mo | $30,691 | 1 yr 1 mo |
| +$100/mo | 27 yr 11 mo | $58,423 | 2 yr 1 mo |
| +$200/mo | 26 yr 1 mo | $106,693 | 3 yr 11 mo |
| +$300/mo | 24 yr 7 mo | $147,415 | 5 yr 5 mo |
| +$500/mo | 22 yr 1 mo | $212,713 | 7 yr 11 mo |
| +$1,000/mo | 17 yr 8 mo | $320,590 | 12 yr 4 mo |
Principal and interest only; baseline interest $695,029. Confirm your lender applies extra payments to principal.
FAQ
How much does $100 extra a month save on a $600,000 mortgage at 6%?
About $58,423 in interest, and the loan is paid off in 27 yr 11 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.