Tools · Mortgage Paydown
What if you paid a little extra toward the mortgage?
A small extra payment each month does more than it looks like. Because it goes straight to principal, it skips every future interest charge that dollar would have carried. This calculator shows exactly how much interest you'd save and how many years you'd shave off.
Model a recurring extra payment on any schedule — $200 a month, $5,000 every year, anything — plus a one-time lump sum and the biweekly payment trick. Adjust the inputs and watch the payoff date move.
Own more than one property? Switch to Compare properties to see which mortgage to attack first when you only have so much to spare.
Worth knowing
- Paying extra clears the loan 3 years 7 months sooner.
Time saved
3 years 7 months
Sooner than your current payoff schedule.
Interest saved
$27,645
Less interest paid over the life of the loan.
New payoff date
Sep 2044
Currently on track for Apr 2048.
Total interest, with extra
$127,989
Down from $155,633 with no extra payments.
The bottom line
Paying extra clears the loan 3 years 7 months sooner and saves $27,645 in interest over its life.
Educational only. Not financial advice.
Projection
Balance over time
What you owe each year, on your current plan versus with the extra payments. The dashed line marks the accelerated payoff.
Year by year
The full table
Balance owed at the end of each year, and the interest you've saved so far.
| Year | Current plan | With extra | Interest saved |
|---|---|---|---|
| 1 | $281,766 | $279,319 | $47 |
| 2 | $273,175 | $268,174 | $201 |
| 3 | $264,211 | $256,547 | $465 |
| 4 | $254,860 | $244,416 | $844 |
| 5 | $245,103 | $231,759 | $1,344 |
| 6 | $234,923 | $218,553 | $1,970 |
| 7 | $224,302 | $204,775 | $2,726 |
| 8 | $213,220 | $190,400 | $3,620 |
| 9 | $201,659 | $175,402 | $4,656 |
| 10 | $189,596 | $159,754 | $5,841 |
| 11 | $177,010 | $143,428 | $7,182 |
| 12 | $163,880 | $126,395 | $8,685 |
| 13 | $150,180 | $108,623 | $10,357 |
| 14 | $135,886 | $90,081 | $12,205 |
| 15 | $120,973 | $70,736 | $14,237 |
| 16 | $105,414 | $50,552 | $16,462 |
| 17 | $89,180 | $29,493 | $18,887 |
| 18 | $72,243 | $7,522 | $21,520 |
| 19 | $54,571 | Paid off | $24,183 |
| 20 | $36,134 | Paid off | $26,145 |
| 21 | $16,898 | Paid off | $27,309 |
| 22 | $0 | Paid off | $27,645 |
Important
How to read this, and what it isn't.
This calculator assumes a fixed interest rate and that every extra dollar is applied to principal in the month you pay it. Confirm with your servicer that extra payments are credited to principal — some apply them to the next month's payment instead, which changes nothing about the balance.
Biweekly payments are modeled as one extra monthly payment per year, spread evenly across the months. A real biweekly plan pays half every two weeks; the interest math is close but not identical, and some servicers charge a fee to enroll.
Paying down a mortgage isn't always the best use of cash — compare the guaranteed return of your interest rate against what you'd earn investing instead, and keep an emergency fund. This is not financial advice. If you'd like to talk it through, I'm happy to help.
Want a second pair of eyes?
Let's walk through your numbers together.
I'll help you weigh paying down the mortgage against your other goals — and tell you honestly whether it's the right move for your situation. No pressure to do anything after.