Free tool
Pay off your mortgage faster
Small extra payments compound in your favour. See exactly what an extra amount each month, an annual lump sum, or a one-time payment does to your interest cost and payoff date.
Your current mortgage
Extra payments
Interest you would save
$81,575
Mortgage-free 4 years 10 months sooner: paid off in 17 years 2 months instead of 22 years.
Regular monthly payment
$3,567
New monthly payment
$3,767
plus $5,000 once a year
Total interest, current plan
$341,776
Total interest, with extras
$260,201
Estimates only, assuming monthly payments, a constant rate, and semi-annual compounding. Most closed mortgages allow prepayments of 10% to 20% of the original principal per year without penalty; amounts above your lender's privilege may trigger a charge. Check your mortgage terms or ask Chad.
Thinking about restructuring instead?
Sometimes a refinance or a renewal with a shorter amortization does more than extra payments. Chad can compare both.