Say you were to have a $150,000, 30 year Mortgage at 4.5% interest starting first payment on 4/1/2019 and you make $20 extra principal payment each month, you’ll only cut it down by 18 months, or 5% savings, but if you put down $100 extra you’ll cut off almost 7 years of your loan and save almost $30,000 in interest over the period.
