05/01/2026
Want to save money?! Here's a simple way to put more $$ back in your pocket! I once received a phone call from a neighbor asking if I thought they should refinance. They had only about 5 years left before their mortgage was paid off and at the time, their interest rate was not bad at all, so I said, "No, it's not worth it in my opinion." The more we talked about their goals, the more clear it became-- they should just put extra $$$ towards the principal of their loan to be "paid in full" faster. No matter where you are in your loan repayment, you will be amazed how paying extra to the principal each month will save you thousands. Here's an AI response to my querry.
Q: "If I have a mortgage of $300,000 and make an extra payment of $150/month towards principal, how much do I save in interest over 30 years?"
A: **Making an extra $150/month principal payment on a $300,000, 30-year mortgage typically saves between $30,000 and $40,000 in interest and shortens the loan term by approximately 4–5 years, depending on the interest rate.
**This is an AI response with no interest rate given, so a very rough estimate.**
Here's a helpful article for more information on how you can pay off your mortgage faster and save that $$ for something else. ;)
Want to be mortgage-free sooner? Find out how to pay off your mortgage faster using three simple strategies.
