See how much time and interest an extra monthly mortgage payment saves you.
| Input | Result |
|---|---|
| $300,000 at 6%, 30 yrs, +$200/mo | 279 months · $91,173 interest saved · 6.8 yrs shorter |
| $400,000 at 6.5%, 30 yrs, +$300/mo | 269 months · $149,581 interest saved · 7.6 yrs shorter |
| $25,000 at 7%, 5 yrs, +$100/mo | 49 months · $939 interest saved · 0.9 yrs shorter |
Extra money goes straight to the principal, so every later month charges interest on a smaller balance, the saving compounds over the whole remaining term.
Only if your loan allows penalty-free prepayment and your rate is higher than what you could safely earn elsewhere. Compare with investing the same amount.
Paying half the monthly amount every two weeks produces roughly one extra monthly payment per year, a similar effect to an extra payment.
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