Extra payment payoff planner
Pay off your home sooner.
Start from where your loan stands today and see what an extra principal payment each month could do to your payoff date and the interest you have left to pay.
New payoff date
February 2056
Add an extra amount to see how much sooner the loan could be paid off.
- Time saved
- 0 moversus the current pace
- Interest saved
- $0for $0 extra principal
- Was paying off
- Feb 2056at the current pace
- Interest left
- $510,180at the current pace
- Original schedule
- Current pace
- With extra payments
Same start month. Choose an amount to use it above.
| Extra / month | Payoff | Sooner by | Interest saved | Relative savings |
|---|---|---|---|---|
| Nov 2052 | 3 yrs 3 mo | $63,918 | ||
| Jun 2050 | 5 yrs 8 mo | $111,893 | ||
| Jun 2048 | 7 yrs 8 mo | $149,583 | ||
| Jun 2045 | 10 yrs 8 mo | $205,559 | ||
| Oct 2042 | 13 yrs 4 mo | $253,855 | ||
| Oct 2040 | 15 yrs 4 mo | $288,299 | ||
| Dec 2037 | 18 yrs 2 mo | $334,579 | ||
| Feb 2036 | 20 yrs | $364,476 |
Estimates for illustration only, not a loan offer or commitment to lend.
Assumes a fixed rate, payments made on the due date each month, interest at 1/12 of the note rate, and extra amounts applied entirely to principal. Taxes and insurance are not included. Your servicer's figures may differ slightly because of rounding and payment timing. Check with your servicer about how to send extra principal and whether any prepayment terms apply.
Thinking about a refinance instead?
Sometimes a shorter term or a lower rate does more than extra payments. I'll run both so you can compare.
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