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# Increase Mortgage Payments Above Minimum

If you had a 30 year fixed mortgage of \$300,000 at an interest rate of 6.00%, you’d pay \$1,798.65 each month or a total of \$647,515.44 over the life of the loan. That’s \$347,515.44 in interest over 30 years, or about \$10,000 in interest each year (given amortization, you pay more of that interest in the beginning of the loan but the principle still applies).

What if you paid an additional \$50 a month? You’d shave \$29,211.36 off your total payout (this includes the extra \$50 a month) and close out your mortgage 25 months early.

What if you paid an additional \$100 a month? That’s a savings of \$53,346.83 and be done 47 months early – nearly four years.

If you opted to send an even \$2000 check each month (an extra \$201 payment), you’d save \$91,499.07 and close out the mortgage in 279 payments – or 82 months early.

Want to see your particular situation? Put the numbers through this mortgage loan calculator at Dinkytown.net [3] and see for yourself. It makes a huge difference if you are able to do it.