Mortgage Acceleration Calculator
Enter your loan, rate, term and an extra monthly amount to see how much faster the mortgage is paid off.
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- No sign-up
Enter the loan, rate, term and extra payment to see the accelerated payoff.
Worked example
With these example inputs:
- Loan amount$300,000
- Interest rate6.5%
- Loan term30 yr
- Extra monthly payment$200
Total monthly payment: $2,096
- Total interest$279,185
- Total of payments$579,185
- Payoff time23 yr 1 mo
- Interest saved$103,449
- Time saved6 yr 11 mo
Frequently asked questions
How does paying extra accelerate a mortgage?
Every extra dollar goes straight to principal, so the balance falls faster and less interest accrues. Even a modest extra amount each month can cut years off a 30-year loan.
Is it better to pay extra or invest?
It depends on your mortgage rate versus expected investment returns and your appetite for risk. Paying down the loan is a guaranteed, tax-free return equal to your interest rate.