Extra Payment Savings Calculator
See how a little extra each month can shave years and thousands off your mortgage.
Interest saved
$105,429
Time saved
6y 7m
New payoff
23.4 yrs
Base P&I
$2,023
With extra
$2,223
Balance over time
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This is an estimate for educational purposes only. Not a commitment to lend.
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Toll Free: 1-866-666-2378 (866-666-BEST)
Frequently asked questions
Are there prepayment penalties?
Most conventional US mortgages have no prepayment penalty, but always confirm with your loan documents.
Should I make extra payments or invest instead?
If your mortgage rate is higher than your expected after-tax investment return, extra payments usually win. Otherwise, investing may come out ahead.
How should I label the extra payment?
Send it as 'principal only' to make sure it reduces your balance instead of being applied to next month's payment.