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Every extra dollar applied to principal reduces the balance on which future interest is calculated. Example: on a $300,000 30-year mortgage at 7%, paying $200/month extra saves over $90,000 in interest and pays off 7 years early. Round up to the nearest $100 for a simple strategy. Confirm your lender applies extra payments to principal immediately.
Compares your scheduled amortizing payment to the same payment plus a fixed extra amount each month. Not tax or escrow advice.
Baseline payoff
360 months · $408,142 interest
With extra payment
281 months · $304,556 interest
Save ~79 months and ~$103,587 in interest (approximate).