A few hundred dollars a month against the principal can take years off a mortgage and save a surprising amount of interest. Here is your actual number.
Your current required payment: $0 a month, principal and interest only.
Every extra dollar goes straight at the principal, so it saves you all the future interest on that dollar.
A bonus, a tax refund, or proceeds from a sale.
Check with your lender that extra payments go to principal and that there is no prepayment penalty. Most modern loans have neither problem, but it is worth one phone call before you start.
What is my home worth now?An estimate for planning only — not a quote, pre-approval or guarantee. Your lender and escrow officer provide exact figures. Lisa Ng, REALTOR®, CA DRE #02240398 · eXp Realty of California, Inc., CA DRE #01878277.
If you have been paying down for a few years, your equity may be further along than you think.
Get a free valuation Or call / text (626) 872-8232