See how an extra monthly payment toward principal shortens your mortgage and slashes the interest you'll pay.
Assumes a fixed rate and that extra payments apply to principal. Enter the principal-and-interest portion of your payment (exclude taxes and insurance escrow). Confirm your servicer applies extra to principal. Not lending advice.
Early in a mortgage, most of each payment is interest. An extra amount applied straight to principal skips all the future interest that principal would have accrued — so a modest monthly add-on can cut years off the loan and save far more than it costs.
Toward principal — say so explicitly to your servicer, or it may be treated as a prepayment of the next bill instead of reducing the balance.
Both help; monthly is easier to sustain. A one-time lump sum early in the loan has an outsized effect because it avoids the most interest.
Related: biweekly mortgage calculator · mortgage payment calculator · debt payoff calculator · all free calculators.
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