Caped Mortgage Calculator: Visualize Your Accelerated Payoff
This **Caped Mortgage Calculator** helps you determine how committing to a monthly payment cap—an extra principal payment over your minimum—can drastically shorten your loan term and generate significant interest savings. The 'Cap' represents your dedicated extra contribution.
Caped Payoff Scenario (Knowing Original Loan Details)
Use this section for new loans or established loans to calculate the impact of setting a fixed extra monthly payment cap from the start.
Caped Payoff in 23 years and 1 months scale(0.8)'><path fill='white' d='M17 3H5c-1.11 0-2 .9-2 2v14c0 1.1.89 2 2 2h14c1.1 0 2-.9 2-2V7l-4-4zm-5 16c-1.66 0-3-1.34-3-3s1.34-3 3-3 3 1.34 3 3-1.34 3-3 3zm3-10H5V5h10v4z'/></g><text x='0' y='20' fill='#d9f0c6' style='font-family:arial,helvetica,sans-serif;font-size:9px'>save</text></svg> "Save this calculation")
For a **$300,000, 30-year loan at 6.5%**, the minimum monthly payment is **$1,896.20**. By setting a **Caped extra payment of $300.00** per month, the total payoff is achieved in **23 years and 1 months**. This results in interest savings of **$57,489**.
| Interest Savings $57,489 |
Time Savings 6 years and 11 months |
|---|---|
|
Original: $382,632
With Caped Payoff: $325,143
Pay 15% less in interest
|
Original Term: 30 yrs
Caped Payoff: 23 yrs, 1 mo
Payoff 23% faster
|
| Original Plan | Caped Payoff | |
|---|---|---|
| Monthly Payment (P&I) | $1,896.20 | $1,896.20 |
| Caped Extra Principal | $0.00 | $300.00 |
| Total Monthly Outlay | $1,896.20 | $2,196.20 |
| Total Interest Paid | $382,632.74 | $325,143.20 |
| Payoff Term | 30 years | 23 years, 1 month |