Mortgage Interest Savings?
Having trouble finding an answer to this. If I have a mortgage of $250,000 and am allowed to pay an extra 20% of that amount each year of my current 5-year term, what would I save in interest by making that 20% “extra” payment one time. Note that there is no penalty for paying this amount each year. Trying to decide whether to pay the 20% or invest at this time.
Note: Interest rate is 2.25%.
There are still some variables that you haven’t listed such as how far are you into the loan, it is a 5 year fixed with a 10 or 25 year ARM, etc. Without more information it is not possible to answer your question. However you can answer it yourself by using the Mortgage Amortization Calculator at Bankrate.com or Dinkytown.net. Just plug in your numbers and you will get your answer.
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