Find out how much interest you can save by paying an additional amount with your mortgage payment. The additional amount will reduce the principal on your mortgage, as well as the total amount of interest you will pay, and the number of payments.
Original loan amount
Original mortgage length
MonthsYears
Date of loan
JanFebMarAprMayJunJulAugSepOctNovDec 1984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014
Interest rate
Date of first extra payment
JanFebMarAprMayJunJulAugSepOctNovDec 2013201420152016201720182019202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043
Additional payment amount
MonthlyAnnuallyOne Time
Show Payment Schedule
The extra payments will allow you to pay off your remaining loan balance 3 years earlier. Because you will pay off your loan sooner, you will save $51,216.68 in interest over the life of the loan.
Calculator disclaimer
The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.
Presented by TimeValue Software ©2013