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We are pleased to feature a sample scenario used in financial publication:
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JLG Research |
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Scenario: Should You
Prepay Your Mortgage? |
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Savings on a
$300,000 mortgage when monthly payments are increased: |
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| Term in |
Monthly |
Increased |
Total |
Savings over |
| Years |
Payment |
Monthly |
Repaid |
30-Year Loan |
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Payment |
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30 |
$1,798.65 |
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$647,514.57 |
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25 |
$1,932.90 |
$134.25 |
$579,871.26 |
$67,643.31 |
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20 |
$2,149.29 |
$350.64 |
$515,830.36 |
$131,684.21 |
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15 |
$2,531.57 |
$732.92 |
$455,682.69 |
$191,831.88 |
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Annual mortgage rate
(decimal) |
0.06 |
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