Why extra principal compounds
Every extra dollar goes straight to principal, reducing the balance all future interest is calculated on. The earlier in the loan you add extra, the more it saves.
Extra mortgage payment calculator
See how much time and interest an extra monthly mortgage payment saves.
Results
Interest saved
$116,463.58
Paid off in
240 mo (20.0 yr)
Months shaved
96
New monthly payment
$2,241.05
Frequently asked questions
1.Should I invest instead?
If your mortgage is 3%, invest. If it's 7%+, the guaranteed return from paying down is hard to beat after-tax.
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