Plan 1
$250 extra/ month
Paid off in
20y 8mo
Time saved
4y 4mo
Interest saved
$87,307
Enter four different extra payment amounts. Choose monthly or yearly, then see when each plan may finish, how much time it could save, and how much interest you may avoid.
Current payoff schedule
Use the balance, rate, and remaining term from your latest mortgage statement.
Principal you still owe—not your home value.
Estimated normal payment
$2,836/ month
Principal and interest only. Taxes, insurance, and HOA do not reduce your loan balance.
Applied to principal in every plan. Enter 0 if you only want to compare monthly payments.
Compare four payment amounts
These amounts are added on top of your normal mortgage payment and go toward principal.
Each amount is added to every scheduled monthly payment.
All four plans keep your normal monthly payment and use the same frequency. Only the extra principal amount changes.
Your fastest plan
Paying $1,500 extra each month may save about $253,764 in interest.
Every saving is measured against the same no-extra-payment schedule.
No extra payments
25 years · $430,761 interest
Plan 1
$250 extra/ month
Paid off in
20y 8mo
Time saved
4y 4mo
Interest saved
$87,307
Plan 2
$500 extra/ month
Paid off in
17y 9mo
Time saved
7y 3mo
Interest saved
$143,303
Plan 3
$1,000 extra/ month
Paid off in
13y 11mo
Time saved
11y 1mo
Interest saved
$212,291
Plan 4
$1,500 extra/ month
Paid off in
11y 6mo
Time saved
13y 6mo
Interest saved
$253,764
Move across the chart to compare the mortgage balance at the same point in time. The gray dotted line is your current schedule with no extra principal.
After 12y 6mo
No extra
$290,714
Plan 1
$233,086
Plan 2
$175,458
Plan 3
$60,203
Plan 4
$0
Your normal principal-and-interest payment plus that plan's extra principal when it is due. Escrow costs are not included.
Estimated interest avoided by reducing principal faster, compared with making only your normal payment.
Ask your lender how to mark it as principal-only and check prepayment rules, cash reserves, and other debts first.
Questions, answered
It is money paid in addition to your required mortgage payment and directed to loan principal. Reducing principal sooner can shorten the payoff timeline and reduce future interest.
The four editable plans let you test realistic amounts side by side. Choose whether all four are paid every month or once a year. Every plan uses the same mortgage details, timing, and optional one-time payment, so only the extra amount changes.
A yearly amount is applied once every 12 months, together with that year's 12th scheduled mortgage payment. Actual lender posting dates can affect the result, so confirm how your lender handles annual principal payments.
Yes. If you enter a one-time extra payment, the calculator applies it to principal at the beginning of every plan. Enter zero if you want a recurring-payment-only comparison.
No. The displayed normal and total payments cover principal and interest only. Taxes, insurance, PMI, and HOA generally do not reduce mortgage principal and therefore do not change the loan payoff calculation.
Not always. Confirm your lender's instructions for principal-only payments, payment timing, prepayment limits, and any penalties before sending extra money.
Not necessarily. Consider emergency savings, higher-interest debt, employer retirement matches, taxes, liquidity, and other goals. This calculator estimates mortgage effects only and does not provide personalized financial advice.