Peoples Home Equity Mortgage Lending

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What if I Pay More Every Month?

What if I Pay More Every Month?

Input Information
Loan Information
$
%
Yrs
Additional Payment
$
  Monthly Payment $1,342.05 $1,392.05  
  Total Monthly Payments $483,133.89 $461,835.60  
  Interest Savings: $21,298.29  
  Length 30 Yrs
0 Mts
27 Yrs
8 Mts
 
  Time Saved: 2 Yrs, 4 Mts  

When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a great deal of money by simply paying a little extra each month.

If you take out a 30 year loan for $250,000.00 with a 5.000% interest rate, for example, your monthly payment (interest and principal only) will be $1,342.05. By the time the 30 year time period is complete, you will have paid $483,133.89 for your home.

If you pay just $50.00 more each month, you will pay only $461,835.60 toward your home. This is a savings of $21,298.29. In addition, you will get the loan paid off 2 Years 4 Months sooner than if you paid only your regular monthly payment.

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