See exactly how much time and money you save by making additional payments toward your mortgage principal each month.
Green = with extra payments · Gray = original schedule
Find out how much time and money you can save by making additional payments on your mortgage.
Input your remaining loan balance, interest rate, and remaining term. These reflect your existing mortgage as it stands today.
Enter the additional amount you'd like to pay each month on top of your regular payment. Even an extra $100/month can make a significant difference.
If you plan to make a lump-sum payment — from a bonus, tax refund, or savings — enter it here to see how it accelerates your payoff.
Compare your original payoff timeline with the accelerated one. See exactly how many months you'll shave off and how much total interest you'll save.
Mortgages are front-loaded with interest. In the early years, most of your payment goes to interest. Extra payments go directly to principal, which reduces the balance that future interest is calculated on.
Even $100–$200 extra per month on a 30-year mortgage can shave 4–6 years off your loan and save tens of thousands of dollars.
Paying half your monthly payment every two weeks results in 26 half-payments (13 full payments) per year — one extra payment annually.
Apply year-end bonuses or tax refunds as a lump-sum extra payment. Even occasional large payments make a big impact.
Round your payment to the nearest $50 or $100. It's barely noticeable but builds equity faster over time.
Always tell your lender in writing that the extra amount should be applied to principal, not prepaid interest or escrow.