Extra payment payoff calculator
Even a small amount applied to principal each month can save years and tens of thousands in interest. Enter your loan and an extra monthly amount to see the impact.
Reviewed by Brian Stroka, NMLS #1682839·Free, no signup·Equal Housing Lender
Interest saved
$119,112
Time saved
5y 9m
New payoff
24y 4m
Applying $200/mo extra toward principal. Estimate only.
Frequently asked questions
- How do extra payments save money?
- Extra dollars go straight to principal, so less interest accrues each month afterward. The effect compounds over the life of the loan.
- Should I make extra payments or invest instead?
- It depends on your rate versus expected investment returns, your risk tolerance, and your goals. A guaranteed return equal to your mortgage rate is attractive, but talk it through for your situation.
BS
Questions about your numbers?
Brian Stroka, Loan Officer · NMLS #1682839