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Mortgage With $100 Extra a Month
What does $100 extra a month do to a $250,000 mortgage? This page starts from 6 percent over 30 years and adds $100 to each payment.
With $100 extra the loan ends in 25 years 6 months. Interest saved is $51,572.
How the extra payment works
Start with the regular payment of $1,498.88. Each month the calculator adds $100 on top. The whole extra amount goes to principal because the interest for the month is already covered. A smaller balance means less interest next month.
Worked example
Over the full 30-year term the regular payments cost $289,595 in interest. Adding $100 a month reduces that by $51,572.
The $100 a month adds up to $30,600 over 25 years 6 months. In return you avoid $51,572 of interest.
Questions about this calculator
How much do the extra payments total on a $250,000 loan with $100 a month?
About $30,600 over 25 years 6 months.
Can I stop paying the extra $100 later?
Usually yes. The extra $100 is optional, so the required payment stays at $1,498.88. Check your loan terms for any rules on prepayment.
What if you doubled the extra payment to $200 on the same loan?
The loan would end in 22 years 3 months and save $86,233 of interest. That is $34,661 more than $100 a month saves.
Is $100 extra a month worth it on a $250,000 mortgage at 6 percent?
That depends on your other goals. The extra money cuts 4 years 6 months from the loan. The calculator cannot weigh what else you could do with $100 a month.
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This page is for education only and is not financial or tax advice.