|Monthly payment||$100 increase|
|Months until payoff||68 sooner|
|Total interest to be paid||$59,554 savings|
This example illustrates how much money you can save by making extra payments on your mortgage. We assume that your $200,000 mortgage has a 30 year term and a 6.75% interest rate. After reviewing this example, use the extra payment calculator to find out how much you can save on your mortgage.