What this calculator shows you
- Extra Payment Impact
- See how even small extra payments add up
- Interest Savings
- Calculate total interest saved
- Payoff Timeline
- Get your new payoff date
- Amortization Schedule
- View payment breakdown over time
Why Pay Off Your Mortgage Early?
Paying off your mortgage early saves you thousands in interest and gives you financial freedom. Every extra dollar you pay goes directly to principal, reducing the balance that accrues interest.
Extra Payment Strategies
Common strategies include: bi-weekly payments (26 half-payments = 13 full payments/year), rounding up payments, applying bonuses/tax refunds, and making one extra payment per year.
When NOT to Pay Extra
Consider investing instead if: your mortgage rate is below expected investment returns, you have high-interest debt, or you lack an emergency fund. The math depends on your specific situation.
Questions people ask
How much can I save with extra payments?
It depends on your rate and term. On a $300K mortgage at 7%, paying an extra $200/month saves over $100K in interest and cuts 7+ years off the loan.
Should I pay extra or invest?
Compare your mortgage rate to expected investment returns after taxes. If your rate is 4% and investments return 7%, investing may be better. But guaranteed savings from mortgage payoff has value too.
Education only, not personalized financial, tax or investment advice. Results are estimates based on the numbers you enter; real returns vary and losses happen.