Adding just a few dollars to each mortgage payment can save you thousands in interest

If you want to pay off your mortgage quickly, consider adding extra dollars to each payment. For new borrowers, starting with additional payments from the first month can lead to significant savings. For example, adding $100 monthly on a $200,000 mortgage at six percent can save over $49,000 and shorten the term by more than five years. An online calculator from FinancialMentor can help determine how much to add for a specific payoff date. Additionally, lump sum payments from bonuses or tax refunds can also help achieve early payoff goals.