Enter your loan, then try an extra monthly amount, a yearly lump sum, a one-time payment, or any mix. The calculator compares your current payoff date and interest with your new ones, side by side, so you can see exactly what each extra dollar does.
| Result | Current | With extra payments |
|---|---|---|
| Payoff time | ||
| Total interest |
Your monthly principal and interest payment: .
Extra every month. The steadiest approach. Even $100 a month on a $400,000 loan at 6.5% saves about $63,900. See extra mortgage payments.
Once a year. Good for bonuses and tax refunds. One extra full payment a year saves about as much as adding a twelfth of your payment each month. See one extra mortgage payment a year.
One time. A windfall sent early does the most good. Try the same amount at different "year paid" settings and watch the savings change.
Extra payments only save money if they reach principal. Mark each one "apply to principal" and confirm it on your next statement. See mortgage payoff mistakes for the most common errors.
Extra payments work by sending more money to the loan. Ridgewell's Mortgage Accelerator Program is designed to change how your mortgage is structured, so the money you already earn does more of the work. For qualifying households, it is designed to pay off a home in as little as 5 to 7 years.
Payoff timelines are illustrations for qualifying households and are not guaranteed.
Find an extra amount you won't miss, run it here, then set it up as an automatic principal payment. For a plan built on your full budget, get a free payoff projection from a licensed agent.
Calculator results are estimates based on standard amortization, principal and interest only. Extra payments are assumed to be applied to principal when made. They are not an offer or advice.
It depends on your balance, rate, and when you start. On a $400,000, 30-year loan at 6.5%, an extra $200 a month saves about $111,900 in interest and pays the loan off 5 years and 7 months early.
They save about the same for the same total amount. Paying earlier in the year saves slightly more, because the money reduces interest sooner.
As early as you can. On a $400,000 loan at 6.5%, $10,000 paid in year one saves about $51,500, while the same payment in year 15 saves about $15,800.
No. They shorten the loan and reduce total interest. Your required payment stays the same.