Downtown Jersey City Waterfront during a beautiful sunset

Adding $100 to your monthly mortgage payment will reduce the time it takes to pay off a mortgage.  For example, assume a $100,000 mortgage with a fixed rate of 2.125% and a term of 30 years.  The required monthly payment is $375.90 (see below example). Adding $100.00 to the monthly payment ($375.90 + $100.00) or $475.90 (see below example) reduces the mortgage term from 30 to 22 years (see below example), and the interest savings over the life of the loan is $10,147 (see below example).  In the first 22 years, the annual difference between the amortization schedules is $1,200 because you make an additional monthly payment multiplied by 12 months or ($100 x 12).  Try this calculator by clicking here.

Example of paying an additional $100 to your monthly mortgage.
Comparing the amortization schedule of a fixed rate mortgage by adding $100 to the monthly principal payment.



Mortgage Refinancing Calculator Example:

Refinancing your mortgage? Try this simple mortgage calculator comparing cash flows: Compare (Old) Mortgage To (New) Mortgage.  You can indicate an early payoff if you plan on selling your home before the mortgage is fully amortized.  If you would like to consider present value, try: Compare (Old) Loan To (New) Loan Using Present Value.

Free calculator displaing an amortization schedule and helping homeowners understand the amount of money they will save by refinance there mortgage.