Plan with clarity
See how extra monthly principal or a lump sum could shorten your mortgage. Compare interest saved and the payment needed for a target payoff date.
Starting values are examples, not current rates or lending terms.
No sign-up required. Calculations run in your browser. Saved scenarios last only while this page stays open.
Understand the numbers
Change an assumption above to see what moves the result. Save a scenario to compare it with your next calculation.
Put the estimate to work
Use the current balance, note rate and remaining term, rather than the original loan amount and original term. The tool derives the scheduled principal-and-interest payment from those values. Compare it with your statement, especially if your loan has been modified, recast or previously paid ahead.
Add a recurring extra amount, a one-time principal payment or both. Advanced settings let you delay either contribution to a specific payment month. The comparison keeps scheduled principal and interest constant and applies extra funds to principal until the loan is paid off. The final payment is capped at the remaining amount due.
The interest-savings figure does not include the return you might earn elsewhere or the value of keeping reserves. Check your loan’s prepayment terms and your servicer’s instructions for principal-only payments. Taxes, insurance and association costs can continue after the mortgage is paid off.
Each payment first covers accrued monthly interest. The remaining scheduled payment and extra principal reduce the balance used to calculate the next month’s interest.
A simple example. At a 0% rate, a $120,000 balance over 120 months requires $1,000 per month. Adding $200 in monthly principal pays that balance in 100 months, illustrating how extra principal shortens a schedule.
Calculation model reviewed September 8, 2026. Examples are hypothetical.
Common questions
Use the estimate to prepare your questions, then review the property, documentation and financing terms with a mortgage broker.
30-year fixed mortgage options · Conventional mortgages
Schedule a consultationYes. Enter the amount and select the payment month when it is applied. The model adds it after that month’s interest accrues.
This tool assumes the scheduled principal-and-interest payment stays the same, shortening repayment instead. A formal recast or other loan change requires separate lender or servicer review.
No. The target-payoff result is a separate scenario with equal monthly payments beginning next month. It excludes the lump sum and any delayed extras entered for the main comparison.
No. It compares mortgage principal and interest. Property taxes, insurance, association dues and other ownership costs are outside the payoff calculation.
Compare a 15-year vs. 30-year mortgage by required payment, interest, equity and flexibility. Learn how to compare loan estimates without relying on rate predictions.
Read guide
Learn expert tips on when to refinance your mortgage and save money with lower interest rates. When should you refinance your mortgage? Find out now!
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