Most people guess. The leftover balance, the rate already on the note, and $100 extra is a date. Not a feeling.
Run the live tool before you change the payment. Mortgage calculator, Extra Payments tab → https://www.bankpricer.com/mortgage-calculator/?mode=extra-payments
What to put in
Your leftover principal. The rate on your statement. One extra number you can actually send every month. Do not use a BankPricer rate from this post. There isn’t one.
$100 is a starting extra, not a rule. If 50 is what you have, type 50.
How to read it
The useful output is the date the loan ends if that extra keeps hitting principal. A shorter date is not free money. It is you paying more this month so you pay less later.
This is not a refinance. A new note is a different tab.
What this number is not
It is not approval. It is not a reason to upload a Loan Estimate to /leah/ today. That upload is still broken.
If the date is why you want a second pair of eyes, talk to Jeff. He originates from Chicago with Barrett Financial Group, L.L.C. NMLS 1041652. Bring the statement and the extra you can keep doing.
One thing to do
Open the Extra Payments tab → https://www.bankpricer.com/mortgage-calculator/?mode=extra-payments. Type the extra. See the date. Then decide if the conversation is worth having.
Jeff Shin, NMLS 1041652. Barrett Financial Group, L.L.C. Chicago. Equal Housing Lender. Not a commitment to lend.