Real estate

David Bach offers smart tips for paying off your mortgage

Oct. 3, 2012 at 11:40 AM ET

TODAY Money financial expert David Bach joined us for a live Web chat Wednesday to answer your questions.

Here’s one of his answers to questions from the live chat. (See below for the full Q&A and video of David’s TV appearance this morning.)

Raymond asked:

“How much of an impact will paying an additional $100/month on my mortgage make? Thanks!”

David replied:

“Raymond, great question. Funny though...did you think I could guess by looking at the computer screen how large your mortgage was? Here is what you do. You go to bankrate.com and put in mortgage calculator (or Google) and you go to a mortgage calculator and then you run the numbers. You put in your mortgage amount. Your interest rate. Adding $100 a month and length of mortgage. Then there will be a button below that calculator that says (click or submit). You click on that button and then you get a calculation that shows you how much you will save and how many years or months faster you will have paid the loan off. Go try that today. It's free and easy.”

Here’s the full chat archive and David’s TV appearance:

If you have a question for our TODAY Money experts, submit it here.

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