Everydayinsight

How to Calculate Mortgage Overpayments and Save Thousands in Interest

Most homeowners never touch their mortgage after signing the paperwork. They pay the fixed monthly amount for 25 or 30 years and assume that's the only option. It isn't. Even a small extra payment each month can cut years off a loan and save a large amount in interest. The tricky part is knowing exactly how much it helps, and that's where a bit of simple math (or a calculator) comes in. Why overpa…