What happens if I pay $100 extra a month on my mortgage?
Paying an extra one hundred dollars toward your monthly mortgage principal accelerates the amortization schedule and creates significant long-term financial savings. Because mortgage interest is calculated daily or monthly against the remaining principal balance, chipping away at the principal faster reduces the total amount of interest that accrues over the life of the loan. This consistent extra payment shortens the total repayment duration by several years, depending on your loan's interest rate and remaining term length. While a hundred dollars a month may seem modest, the compounding effect of reducing principal early in a 30-year mortgage cycle saves thousands of dollars in cumulative interest charges and helps you build home equity much faster.
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