Enter what you owe today, your rate and how many payments are left. Add an extra amount each month, a one-time lump sum, or both, to see the new payoff date and the interest saved.
New payoff time: 19 years 8 months
Your answer
New payoff time19 years 8 months5 years 4 months sooner
Interest saved$57,646.33
Regular monthly paymentPrincipal and interest
$1,610.75
Interest without extra payments
$233,226.05
Interest with extra payments
$175,579.72
Yearly schedule with extra payments
Year
Interest
Principal
Balance
1
$14,811.83
$6,917.21
$243,082.79
2
$14,385.19
$7,343.85
$235,738.94
3
$13,932.24
$7,796.80
$227,942.14
4
$13,451.35
$8,277.69
$219,664.45
5
$12,940.80
$8,788.24
$210,876.21
6
$12,398.76
$9,330.28
$201,545.93
7
$11,823.29
$9,905.75
$191,640.18
8
$11,212.33
$10,516.72
$181,123.46
9
$10,563.68
$11,165.36
$169,958.10
10
$9,875.02
$11,854.02
$158,104.08
11
$9,143.89
$12,585.15
$145,518.93
12
$8,367.67
$13,361.37
$132,157.56
13
$7,543.57
$14,185.47
$117,972.09
14
$6,668.64
$15,060.40
$102,911.68
15
$5,739.75
$15,989.30
$86,922.39
16
$4,753.56
$16,975.48
$69,946.91
17
$3,706.55
$18,022.49
$51,924.42
18
$2,594.96
$19,134.08
$32,790.34
19
$1,414.82
$20,314.23
$12,476.11
20
$251.81
$12,476.11
$0.00
Worked out in your browser. Nothing you type is sent to a server.
How we worked it out
Updated as you change the numbers.
Regular payment for $250,000.00 over 300 months at 6%: $1,610.75.
Paying $1,810.75 a month clears the balance in 236 months instead of 300.
Interest falls from $233,226.05 to $175,579.72.
Method and assumptions
The calculator builds two schedules month by month: one with the regular payment and one with the extra amount added to principal each month (after any lump sum). The difference in length and total interest is the saving. It assumes your lender applies extra payments to principal straight away, which you can ask them to confirm.
Questions
Is paying extra on a mortgage worth it?
Each extra dollar earns a guaranteed return equal to your mortgage rate. Compare that with what you could earn elsewhere, and keep an emergency fund first.