Paying just a little extra on your mortgage each month can have a dramatic effect on the time it takes you to pay off your mortgage and the amount of interest you pay over the life of the loan. This calculator is designed to show you how much time and money — over the life of the loan — you could save by paying an additional amount in your mortgage payment each month.
The results below show the time and money you would save by accelerating your mortgage payments. Other popular payment options you could consider to reduce the time and cost of your mortgage loan include making biweekly payments or making one additional payment each year. All of these strategies can help you save money and time without incurring the expense of refinancing. Keep in mind that not all mortgages have a prepayment feature so you should consult with the holder of your mortgage for the specifics of your situation.
The graph below shows the difference between paying your mortgage with the minimum required payments vs. adding the additional amount you specified to your mortgage payment each month. The more you can manage to pay each month, the faster you'll pay off your mortgage and the less interest you'll pay.
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