What is the impact of making extra payments on my debt?

See how adding extra money to your monthly mortgage payment shortens your loan term and cuts total interest.

Loan Information

Original loan balance ?

The amount you originally borrowed.

Annual percentage rate ?

The loan's fixed annual interest rate.

Initial term in months ?

The original length of the loan in months (30 years = 360).

Number of payments already made ?

How many monthly payments you've made so far.

Proposed additional monthly payment ?

The extra amount you'd add to each monthly payment, on top of the required payment.

Total Interest Saved —

The amount of interest you avoid paying by making the extra payments.

Enter your values and select Calculate.

Over the course of a loan amortization you will spend hundreds, thousands, and maybe even hundreds of thousands in interest. By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments. Use our <strong>extra payment calculator</strong> to determine how much more quickly you may be able to pay off your debt.

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.