Paying extra on your mortgage is one of the highest-return, zero-risk financial moves available — if your rate is above 5%. This calculator shows exactly how much you save and how much faster you become debt-free.
Year 1 = start from month 1. Year 5 = start at the beginning of year 5.
Extra Payment Strategy
Total Interest (Standard)
$471,426
Total Interest (With Extra)
$355,039
Standard Payoff Time
30 yr 1 mo
New Payoff Time
23 yr 9 mo
Estimates based on your inputs. Actual results may vary. Terms →
Here’s how your payoff timeline changes as you increase your monthly extra payment.
| Extra/mo | Time saved | Interest saved |
|---|---|---|
| $100 | 3 yr 8 mo | $67,739 |
| $200 (Your scenario) | 6 yr 4 mo | $116,387 |
| $500 | 11 yr 8 mo | $206,948 |
*Based on your inputs: $350,000 at 6.8%
Based on $350k loan at 6.8%. Your results update automatically above.
Estimates based on your inputs. Actual results may vary. Terms →