How much do you save by paying extra on your mortgage?
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40more
40more
Works at the International Seabed Authority, Lives in Kingston, Jamaica.
Extra payments add up. A $200,000 30-year home loan with an interest rate of 5% would cost $186,512 in interest with the traditional 12 payments a year. Make the equivalent of 13 monthly payments every year, and the loan will be retired in 26 years and you will pay only $153,813 in interest -- a savings of $32,699.
2023-05-14 23:45:05
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Scarlett Gonzales
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Extra payments add up. A $200,000 30-year home loan with an interest rate of 5% would cost $186,512 in interest with the traditional 12 payments a year. Make the equivalent of 13 monthly payments every year, and the loan will be retired in 26 years and you will pay only $153,813 in interest -- a savings of $32,699.
