This calculates the interest and time savings by applying additional principal contributions each payment.
By making regular additional principal contributions on a fixed rate mortgage, interest will be saved and the term shortened. This calculation assumes that the same increased monthly payment will be made from the beginning of the mortgage until it is paid in full.
Assumes regular, additional monthly principal contributions on a fixed rate mortgage beginning with the first payment. This is not an offer of credit but is a general illustration of typical mortgage terms and concepts. Greg Shepard and Jack White Real Estate are not mortgage lenders. You should contact a specific lender to learn more about its mortgage products and your eligibility for such products. License: AK.18135