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Interest on a Mortgage

Interest on a Mortgage
Paying an extra $50 a month could save you more than $10,000 in interest over the course of a 30-year mortgage. So, is it worth it to try to pay off your mortgage early or should you invest the extra funds elsewhere?

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This is great information that reinforces some things I knew! My wife and I recently refinanced our mortgage after only being in our new home 1 year! We dropped our rate by 1.25% and save about $200 a month. But I’m actually going to add that extra payment of $50 to begin with and increase it every year by $10.

I've paid an extra mortgage payment annually for several years but stopped doing so last year when we refinanced to get a lower interest rate. At my age the mortgage will likely outlive both my husband and myself so the goal now is make sure the survivor has the lowest mortgage payment possible.

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