Calculator 05 · illustrative
What does paying extra buy?
A recurring overpayment, a one-off, or both, against interest saved and months removed from the term.
What it buys
—
Two balance curves
As scheduled (dashed)With the overpayment
A few sizes, compared
| Extra / month | Paid off in | Time removed | Interest saved | Total put in |
|---|
Before overpaying, check there is no prepayment penalty on your note, and that any emergency fund and higher-rate debt are dealt with first. Money that goes into a mortgage is hard to get back out.
Illustrative only. No rate on this page is available anywhere and no result is a quote, an approval or a commitment. Defaults are round numbers chosen so the arithmetic is legible, not figures anybody is offering. Taxes, insurance, association dues and mortgage insurance vary enormously between towns, buildings and lenders.
Assumptions on this page: every extra dollar is applied to principal immediately, the rate is fixed, and no escrow, tax or insurance is included — this is principal and interest only. Real servicers vary in how they apply extra money, and some require it to be labelled as a principal reduction rather than an early payment.
Every calculation happens in your browser. Nothing is uploaded, stored or transmitted. What is fictional on this site.
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