Don’t forget to share on facebook (below) or subscribe (on the right) if you want to keep updated with more tips like this.

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?