The Times had a story in Sunday’s paper about making extra payments on your loan.

Basically, if you make extra payments on your loan, you’ll reduce the amount of interest you’ll end up paying over the life of your loan.

A lot of interest, it turns out.

Which, in a way, is like earning interest on the money you save, instead.

“The savings can be staggering … “

For example, someone with a $250,000, 6.5 percent loan written for 30 years, a monthly prepayment of $200 will save almost 8 years of payments and $97,614 in interest. In other words, when you prepay your mortgage, it is like earning the mortgage interest rate on those additional payments.

“In the $250,000 example, that would be a risk-free, guaranteed investment return of 6.5 percent.”

Do you want to see for yourself?

Here’s a spreadsheet you can download that does just that:

Mortgage loan amortization schedule (.xls)

This Excel spreadsheet was created by Jon Wittwer and the people over at I modified it, just a bit.

They have many excellent spreadsheets on their site, some that you can use online, without downloading. All are free, for personal use.

This spreadsheet can be used to see what your normal monthly loan payments will be. PLUS, you can add an extra amount to your monthly payment, to see what the results would be.

Quite impressive!

More: Is It a Good Idea to Prepay a Mortgage? – By Jay Romano, The New York Times

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Updated:  1st Q 2018

Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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