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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 $120,000.00 with a 6.000% interest rate, for example, your monthly payment (interest and principal only) will be $719.46. By the time the 30 year time period is complete, you will have paid $259,002.25 for your home. If you pay just $50.00 more each month, you will pay only $233,430.10 toward your home. This is a savings of $25,572.15. In addition, you will get the loan paid off 4 Years 8 Months sooner than if you paid only your regular monthly payment.
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