Shorten Your 30 Year Loan to 23 Years

Team Whitney encourages all of our clients to try to save substantially on the interest on their 30-year mortgages, as if you pay a little extra each month towards your principal loan balance, you can knock years off of the life of your loan.

For example, if you have a $500,000 loan amount, your monthly payment would be $2,315.58 at a 3.75% interest rate. If you put say, an extra $200 per month towards that payment, which is equal to one nice dinner out for my family, you will pay $2,515.58 per month and have your mortgage paid off 4 years and 1 month early, saving $51,093.80 in interest over the life of your loan! If you increase that amount to $400 extra per month, making your payment $2,715.58 per month, you can have your mortgage paid off 7 years and one month early, saving $88,090.76 in interest over the life of your loan! Can you imagine paying off your mortgage in less than 23 years instead of 30 years for just a few hundred extra dollars per month?!

Every client’s situation is unique, so for more information, or any additional questions you may have, please contact Danielle Whitney Moore with Team Whitney (Keller Williams Realty L.A. Harbor) at (310) 987-9103.