Paying More Principal on Mortgage Calculator
This **paying more principal on mortgage calculator** helps you evaluate precisely how accelerating your principal payments—through extra monthly amounts, annual lump sums, or bi-weekly schedules—can minimize the total interest paid and significantly reduce your mortgage term.
Calculate Payoff Based on Original Loan Terms
Use this calculator if you know the details of your original mortgage, and want to evaluate the impact of extra payments moving forward.
Payoff Savings Summary (Example)
Based on the inputs (Loan $300,000, 30 years, 6.5%, 5 years elapsed, extra $200/month), here is how paying more principal impacts your loan:
| Interest Savings $39,871 |
Time Savings 4 years and 7 months |
|---|---|
|
Original Total Interest: $225,500
With Extra Payments: $185,629
Pay **17.7%** less interest.
|
Original Remaining Term: 25 yrs
New Payoff Term: 20 yrs, 5 mos
Payoff **18.3%** faster.
|
Calculate Payoff Based on Remaining Balance
Use this tool if you only know your current unpaid principal balance, existing monthly payment, and interest rate from your latest mortgage statement.
Payoff Savings Summary (Example 2)
If your unpaid balance is $250,000 with a monthly payment of $1,600 and a 6.0% rate, here is how an extra $300/month affects your loan:
| Interest Savings $37,800 |
Time Savings 6 years and 1 month |
|---|---|
|
Original Total Interest: $109,240
With Extra Payments: $71,440
Pay **34.6%** less interest.
|
Original Term: 24 yrs, 2 mos
New Payoff Term: 18 yrs, 1 mo
Payoff **25.3%** faster.
|