Pay off your home years ahead of schedule. Calculate how making extra principal payments, bi-weekly schedules, or annual lump sums saves tens of thousands in mortgage interest.
Enter your values, then select Calculate Now
Base monthly payment M = P * [r(1+r)^n] / [(1+r)^n - 1], where r = rate/12 and n = years * 12. Simulates amortization month-by-month applying extra principal directly to principal reduction each cycle until balance hits $0. Computes time saved in years/months and total interest saved.
An extra $300/month eliminates almost 7 full years of mortgage slavery and keeps nearly $95,000 in your pocket.
Enter your current remaining mortgage principal balance.
Input your fixed annual mortgage interest rate.
Select the remaining loan term in years.
Enter an extra monthly principal amount you could afford to pay.
Review the years saved, interest eliminated, and updated payoff date.
Most modern residential mortgages in the US and UK do not carry prepayment penalties, but always check your loan terms to ensure extra payments are permitted without fees.
Yes! When submitting extra mortgage payments, explicitly select "Apply to Principal." Otherwise, some loan servicers may hold the funds as an advance payment on next month interest.
If you locked in an ultra-low 3% mortgage, investing surplus funds in a high-yield savings account or stock index fund (historically 7-10%) mathematically yields higher wealth. With a 6.5%+ mortgage, paying it down provides a guaranteed, risk-free 6.5% return.
Paying half your monthly mortgage payment every two weeks results in 26 half-payments per year (equal to 13 full monthly payments), automatically paying off a 30-year loan about 4 to 6 years early.
No. Even with a $0 mortgage balance, you must still budget for property taxes, homeowners insurance, HOA fees, and ongoing maintenance.
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