Post by @thejoehardy

Comment # of years you have left 🏡? 💵 Here's how much interest you save on a $400k mortgage at 6% by making extra principal-only payments each year: 1️⃣ extra payment/year
→ 5.25 years off your loan
→ $94,565 saved in interest 2️⃣ extra payments/year
→ 8.83 years off your loan
→ $154,028 saved in interest 3️⃣ extra payments/year
→ 11.25 years off your loan
→ $195,529 saved in interest 4️⃣ extra payments/year
→ 13.17 years off your loan
→ $226,370 saved in interest 5️⃣ extra payments/year
→ 14.92 years off your loan
→ $250,304 saved in interest How to do it:
💻 Log into your mortgage servicer's website.
Take your normal monthly payment amount.
🧾 Apply it as an extra payment toward principal only. Why it works:
📉 Extra principal payments shrink your balance faster.
Interest is only calculated on what's left.
🔻 Less principal, less interest, every month after. Save this for when you make your next payment 📌 #mortgage #PersonalFinance #homeownership #debtfreejourney