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Use this calculator to see how much time and money you could save by making extra payments on your mortgage.
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$41,739.22
Total interest without extra payments
$246,983.33
Total interest with extra payments
$205,244.11
4 years and 4 months
Months to pay off without extra payments
360
Months to pay off with extra payments
308
By making additional payments on your mortgage, you can save more.
Go to early mortgage payoff calculatorUsing the loan and extra payment details you entered, we calculate your interest and time savings by comparing the amortization schedule in two scenarios: one with extra payments and the other without. This will show you exactly what you’ll save when you make extra payments toward your loan.
Amortization is the process of paying a loan off over time. At first, a larger portion of your monthly payment goes toward paying interest, rather than principal. Making extra payments pays down the principal so that you’re accruing interest on a smaller remainder of the loan for the rest of the term. This helps you pay off your loan faster and save you money over the life of your loan.