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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:
Personal finance experts Jean Chatzky, David Bach, and Sharon Epperson tackle viewers' credit card debt problems, including the best way to try to lower your interest rate.
If you have a question for our TODAY Money experts, submit it here.
To sign up for an e-mail reminder for our next chat, click here.