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Simple answer…Yes!

We get this question a lot and most people think that $50 a month can be put towards something better.  Sure, in the short term, you may find something better to apply $50 per month, but the reality is that over the life of your 30 year mortgage the savings is amazing!

Take the example of a $150,000 mortgage balance on a 30 year loan with an interest rate of 5.0%.

The total amount of interest you would be saving over the life of the mortgage would be a whopping $19,969!  You would also be paying off your mortgage 3 years and 8 months early!

To figure out how much your extra monthly payment will save you, feel free to use my mortgage calculator.  (scroll down to “Budget” then “Mortgage Payoff”)

Any questions?

“Don’t say I never gave you anything…”

I have a variety of mortgage calculators you can use.

• Points
• APR
• Tax Savings
• Required Income
• Maximum Mortgage
• Biweekly Payments
• Rent vs Buy

Now, if you wake up in a cold sweat at 3am and wonder if that home you thought about buying is affordable, you can find out at any time of any day!

Enjoy!