Impact of Extra Payments

Extra Payment Calculator

When will my mortgage be paid off? Do extra payments really make a difference?  Usually, yes. Use this calculator to see how much interest can you save by increasing your monthly mortgage payments, or making lump sum extra payments. Almost all mortgage contracts allow you to make some additional payments without penalty, and you can usually increase your regular payment (even by small amounts) and also make occasional lump sum payments. Ask me for more details.

Original Mortgage Amount: Interest Rate:
Mortgage Amortization:
Payment Type: Scheduled Payment: $731.55
Remaining Years: Total Scheduled Payments: $219,469.52
Prepayment Type: Total Projected Payments: $197,470.10
Additional Payment: Total Savings: $21,999.42
Your planned prepayments shorten your mortgage by 4 years and 6 months.