Connecticut Extra Payment Calculator

For a typical $304,000 mortgage (80% of Connecticut's $380,000 median home price) at 6.5%, adding $200/month can save you approximately $103,860 in interest and pay off your mortgage 6 years and 10 months early. Your normal total interest would be $387,735, but with extra payments it drops to $283,876. Use the calculator above to see your exact savings.

Both strategies save money, but a lump sum applied early in your loan has the most impact per dollar because it reduces the principal that accrues interest for years. Monthly extra payments offer more consistent savings and are easier to budget for. On a $304,000 Connecticut mortgage at 6.5%, a one-time $5,000 payment in year one saves about $10,500 in interest, while $200/month saves $103,860 over the life of the loan. Many Connecticut homeowners combine both strategies for maximum benefit.

Connecticut law restricts prepayment penalties on residential mortgages; most conventional loans do not include them, and state regulations provide additional consumer protections.

This depends on your mortgage interest rate versus expected investment returns. At 6.5%, extra payments offer a guaranteed "return" equal to your interest rate — that's $103,860 in guaranteed savings on a $304,000 Connecticut mortgage. Tax consideration: Connecticut has state income tax rates up to 6.99%, and mortgage interest is deductible on the state return — but the $10,000 SALT cap may limit your combined state/local tax deduction at the federal level. If your rate is below 4%, investing in diversified funds may earn more over time. Consider your risk tolerance, tax situation, and financial goals.