Mortgage Payoff Accelerator
See how extra payments shorten a mortgage.
The power of paying extra
Adding to each mortgage payment attacks principal directly, cutting both the term and total interest. An extra $200 a month on a 30-year loan can save years and tens of thousands in interest.
Even a modest extra amount compounds over a 30-year term, and rounding the payment up or adding one extra payment a year can shave years off without a noticeable monthly pinch.
An estimate
Check your loan allows penalty-free extra principal. The calculation runs entirely in your browser and nothing is uploaded. The loan details you enter are never uploaded.
Frequently asked questions
How much does an extra payment save?
On a $300,000 balance at 6.5% with 25 years left, adding $250 a month pays the loan off in 232 months instead of 300, 68 months sooner, and saves about $80,245 in interest.
How do I enter the rate and remaining term?
As "APR, years left" in the second box, such as "6.5, 25". The standard payment is recalculated from your current balance over that remaining term.
Should I tell my lender the extra is for principal?
Yes. Mark extra payments as principal-only, or some servicers hold them as an advance on next month's payment and the interest saving is lost.
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