Discover how adding a little extra to each mortgage payment can shave years off your loan and save tens of thousands in interest.
How it works
- Enter the current details of your mortgage.
- Specify the extra principal payment you intend to make monthly.
- The calculator demonstrates the exact interest saved and years shaved off your loan.
Frequently asked questions
Why do small extra payments help so much?
Extra money goes straight to principal, which reduces every future interest charge — the effect snowballs over decades.
Is paying off early always smart?
Compare your mortgage rate to other returns. If investments reliably beat your rate, investing may win — but guaranteed interest savings are appealing too.
Should I tell my lender it is extra principal?
Yes — specify that additional payments apply to principal, or some lenders credit them to future interest instead.