Extra payments on a $600,000 mortgage at 7%
Amortization computed month by month.
$76,802
saved by paying $100 extra a month on a $600,000 30-year mortgage at 7% (base payment $3,992)
Savings by extra payment
| Extra | Paid off in | Interest saved | Time saved |
|---|---|---|---|
| +$50/mo | 28 yr 10 mo | $40,629 | 1 yr 2 mo |
| +$100/mo | 27 yr 9 mo | $76,802 | 2 yr 3 mo |
| +$200/mo | 25 yr 10 mo | $138,676 | 4 yr 2 mo |
| +$300/mo | 24 yr 3 mo | $189,926 | 5 yr 9 mo |
| +$500/mo | 21 yr 8 mo | $270,557 | 8 yr 4 mo |
| +$1,000/mo | 17 yr 4 mo | $400,471 | 12 yr 8 mo |
Principal and interest only; baseline interest $837,053. Confirm your lender applies extra payments to principal.
FAQ
How much does $100 extra a month save on a $600,000 mortgage at 7%?
About $76,802 in interest, and the loan is paid off in 27 yr 9 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.