Extra Payments Mortgage Calculator
See how making extra payments on your mortgage can save you money and shorten your loan term.
Savings Summary
The Power of Extra Payments
Making extra payments on your mortgage can have a significant impact on your financial future. By paying more than the minimum required each month, you can pay off your loan faster, save a substantial amount in interest, and build equity in your home more quickly. This calculator helps you visualize the potential savings.
Frequently Asked Questions
How do extra payments work?
Extra payments are applied directly to the principal balance of your loan. This reduces the amount of interest you owe over the life of the loan and helps you pay it off sooner.
Is it better to make a lump-sum payment or extra monthly payments?
Both are beneficial. Extra monthly payments provide a consistent approach to paying down your loan, while a lump-sum payment can make a large, immediate impact. The best strategy depends on your financial situation.