Make extra payments each month, pay off your loan faster, and save thousands in overall interest. You will be
surprised how fast the savings can add up by paying a bit more each month.
Paying an additional
a month will save you
with an earlier payoff schedule of
years and
months.
ANNUALLYMONTHLY
Date
Payment
Interest
Principal
Ending Balance
Calculator Definitions
Interest Rate
The annual cost to borrow money from a lender based on a percentage of the loan amount. Interest rates exclude mortgage "points" and fees charged to get the loan.
Length of Loan
The original fixed length of time (usually expressed in years) that a borrower agrees to pay on a mortgage loan until it is paid in full. Common loan terms are 15, 20, and 30 years.
Original Loan Amount
The original amount borrowed from a lender to obtain a mortgage loan. This represents the total mortgage amount including fees, points, etc… as stated on the closing disclosure.
Total Savings
The combined total amount saved on interest and principal over the life of the loan. This amount excludes additional savings on fees or property tax as a result of a shorter payoff date.
Payoff Schedule
The amount of time saved on the current loan schedule by making additional payments toward the principal mortgage balance.
Additional Principal Payment
Extra payments applied to the mortgage above the monthly requirement. These payments are typically used to settle existing late charges or fees before being applied to the principal.
