Loan Details
Enter your current mortgage information
Extra Payment Options
Your Results
Adding $200/month to your payment will pay off your loan 5.5 years early and save $67,602 in interest. Your new payoff date: June 2047 instead of January 2053.
Payoff Timeline
Payment Summary
Total Interest Paid
Compare Payment Strategies
See how different approaches affect your payoff
$100/month Extra
Easy Start$200/month Extra
Recommended$500/month Extra
AggressiveBiweekly Payments
PopularLoan Balance Over Time
See how extra payments accelerate your payoff
Frequently Asked Questions
Extra payments go directly to your principal balance. This reduces the amount of interest you owe (since interest is calculated on remaining balance) and shortens your loan term. Even small extra amounts compound over time to create significant savings.
Yes! When making extra payments, always specify that you want them applied to principal. Otherwise, some lenders may apply it to future payments (which doesn't save you interest) or put it in escrow. Check your statement to confirm it was applied correctly.
Monthly extra payments are slightly better because they reduce your principal sooner, meaning less interest accrues each month. However, the difference is small. Choose whichever method fits your budget—consistency matters more than timing.
Most modern mortgages don't have prepayment penalties, but check your loan documents to be sure. If you have an older loan or certain types of adjustable-rate mortgages, there may be restrictions on how much extra you can pay annually.