Extra $100/month on a mortgage
Answer
On a $300,000 mortgage at 6.5% (30 years), an extra $100/month shortens the loan by about 4 years and saves roughly $60,800 in interest.
Assumptions
- $300,000 starting balance
- 6.5% APR, 30-year fixed
- Base P&I: $1,896.20/month
- Extra scenario: $1,996.20/month
Calculation
Base: 360 months · Interest ≈ $382,633+$100/mo: ~311.5 months · Interest ≈ $321,816Savings: ~48 months and ~$60,817 interestTry the full calculator
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Frequently asked
How does $100 save so much?
It goes 100% to principal, so the loan balance shrinks faster and every future month accrues less interest.
Should I do this instead of investing?
Depends on your mortgage rate vs your expected return. This page is an educational estimate, not financial advice.
Estimates only. Figures are before taxes and deductions unless noted.