There are various government-backed refinance programs that are designed to make the home-purchasing process easier for Americans. These programs are ai...More
Additional Payment Information
Based on the loan amount of $250,000.00, interest rate of 5%, term of 30 years, and additional payment amount of $50, you will save an estimated time of 2 Years 4 Months. Your mortgage length will go from 30 Years to 27 Years 8 Months, and you will save approximately $21,298.58 in interest by shortening your home loan.
You can refer to the colored chart below to see the advantage of making additional payments on your home mortgage. The amortization schedule also gives you a breakdown of how much interest you will pay versus principal for each monthly payment through the 27 Years 8 Months of your loan.