What happens if you pay extra on your mortgage?

Estimate interest saved and how much sooner the loan could end.

When this calculator is useful

Estimate how additional monthly principal payments could shorten a mortgage and reduce interest.

What to enter

Enter the current mortgage balance, interest rate, remaining years and months, and the extra monthly payment.

How to read the result

Compare the regular payment path with the accelerated path to see the estimated payoff-time reduction and interest savings created by the extra payment.

Questions worth testing

Test an extra $100, $250 or $500 per month, or compare starting with a shorter remaining term.