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How much will I save by increasing my mortgage payment?

Find out how much interest you can save by paying an additional amount with your mortgage payment. The additional amount will reduce the principal on your mortgage, as well as the total amount of interest you will pay, and the number of payments.

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Original loan amount

Original mortgage length

loan term in months or years Months Years

Date of loan

Month loan started Year loan started

Interest rate

Date of first extra payment

Extra payment start month Extra payment start year

Additional payment amount

Additional payment frequency

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Calculator Results

The extra payments will allow you to pay off your remaining loan balance 3 years earlier. Because you will pay off your loan sooner, you will save $51,216.68 in interest over the life of the loan.

The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.