Early Payoff Calculator
How much time and interest do you save by making extra monthly payments?
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%
years
$
Frequently asked questions
Do extra payments go to principal or interest?
Extra payments typically go directly toward reducing the principal balance (after the regular interest for that period is covered). This is what accelerates payoff and reduces total interest — but check your mortgage terms to confirm your lender applies extras to principal.
When is the best time to make extra payments?
Early in the loan term, when your balance is highest. Extra payments made in year 1–5 have a disproportionately large impact because they reduce the base on which all future interest accrues.
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