--->Mortgage Extra Payment Calculator
It's pretty amazing. You can fill in the stats for your own mortgage....like loan balance, interest rate, duration of term, and date of first payment. THEN...you can type in how much extra per month you want to put towards your mortgage.
For our stats, by paying $100 extra per month on our mortgage towards the principal...we'd pay if off FIVE years sooner and end up paying about $24,000 less in interest. Pretty crazy.
Mortgages can be beastly. We thought our 20% down to avoid the PMI (Mortgage insurance) was pretty good though Andy Stanley would tell you to put 30% down payment on a house. But many put little or no down on their homes making their monthly payments already very high. I would make a terrible loan officer because I'd convince too many people to hold off on the loan and make absolutely no money haha!
Anyways..... if $100 a month seems unfathomable for you to come up with try just $10 extra. Not a huge amount (2 or 3 coffees maybe) but for us we'd still pay our house off 7 months early and save $3,000 on interest. I'm a believer in the little things adding up!
Happy Money Saving!!
When both your kids are off at school in the next few years, maybe you can go back to work part-time so you have the extra income to pay off your mortgage faster.
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