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How much money and time do you save paying an extra monthly payment to principal on a 15 year mortgage?

In: Loans, Mortgages, Home Equity and Refinancing, Money Management [Edit categories]

Answer:

In general you will reduce the payment by one month for every month's principle you pay ahead. It would take about 8 years.

There are many online mortgage amortization calculators available. You will need also the percentage rate.

Contributor:

Aggie80

First answer by Bozidar. Last edit by Aggie80. Contributor trust: 4977 [recommend contributor ]. Question popularity: 2 [recommend question].

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