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Saving Without Refinancing
05/15/24
Refinancing your mortgage can save you money, but paying one extra mortgage payment every year can, too. By applying the extra payment to principal, the balance of your mortgage drops and future interest is calculated on the lower amount – every month for the remainder of your loan.
Say you have a 30-year, 3%, fixed rate mortgage of $200,000. Your payment is approximately $843 a month. If you make one extra payment every year, you could save more than $14,000 in interest and reduce the term of your mortgage by nearly four years.
If you can’t come up with an extra payment all at once, remember you can also make additional principal payments – of whatever amount you can afford – whenever you like.
Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Private Wealth team, or find the right financial partner on our Commercial Banking team for your business needs.
This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.