Mortgage Extra Payment
See how much interest you can save and how many years you can shave off your mortgage by making extra principal payments.
- NOT FINANCIAL ADVICE
- EDUCATIONAL USE ONLY
- ESTIMATES ONLY
- FOCUS ON PRINCIPAL REDUCTION
Current Loan Status
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Extra Payment Plan
$
$
Total Interest Saved
$0
Time Saved
0 Years
You will pay off your mortgage sooner.
Original Total Interest
$0
New Total Interest
$0
New Payoff Date
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How Extra Payments Work
When you make an extra payment on your mortgage, the entire amount goes toward reducing your principal balance (the actual amount you owe), rather than paying interest.
The Power of Compounding in Reverse
By reducing the principal faster, you decrease the amount of interest that can be charged in all future months. This creates a snowball effect:
- Less Principal: The base amount for interest calculation drops.
- Less Interest: More of your *regular* payment now goes toward principal.
- Faster Payoff: The loan term shrinks, often by several years.
Even a small increase in your monthly payment can result in massive savings over a 15 or 30-year term.