Extra Payments Calculator
See how extra payments can help you pay off your mortgage faster
Extra Payments Calculator
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Calculator Disclaimer
This calculator provides estimates based on the information you enter and current market conditions. Actual savings and results may vary based on:
- Your loan terms and conditions
- Payment application timing
- Lender prepayment policies
- Interest rate changes
- Loan type and features
- Prepayment penalties
Please consult with one of our mortgage experts to understand how extra payments will affect your specific loan and to verify there are no prepayment penalties. The results shown are for informational purposes only and do not constitute financial advice.
Benefits of Making Extra Payments
How Extra Payments Work
When you make extra payments on your mortgage, the additional amount goes directly toward reducing your principal balance. This not only helps you pay off your mortgage faster but also reduces the total interest you'll pay over the life of the loan.
Example:
On a $300,000 mortgage at 6.5% interest, paying an extra $200 per month could help you pay off your mortgage 5 years earlier and save over $60,000 in interest.
Strategies
- • Round up your monthly payment
- • Apply tax refunds to principal
- • Make one extra payment annually
- • Add a fixed amount monthly
- • Apply work bonuses to principal
- • Increase payments with raises
Important Note:
Check with your lender to ensure extra payments are properly applied to principal and there are no prepayment penalties.
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Our mortgage experts can help you develop a strategy to pay off your mortgage faster.
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