What this can show
How steady extra principal moves the payoff date and roughly how much interest never gets charged.
Homeowners
What does a little extra do to the loan?
You don't need a windfall to make a dent. Every extra dollar goes straight at the balance, erasing interest that would have piled up for years, and the earlier you start, the more it saves. See what a steady extra payment could do to your payoff date, using your own numbers.
All calculatorsYour numbers
Use the numbers from your latest mortgage statement.
What it can't decide
It assumes a fixed rate and a steady extra payment, and it doesn't weigh this against other uses of the money, like higher-interest debt or savings goals.
Best next step
If you're deciding between paying the mortgage down and something else, that's a planning conversation I'm glad to have. I used to do it for a living.
Want a plan around this?
Faster payoff, refinance, or leave it alone.
The right answer depends on your whole picture, and I'll give you an honest read on which strategy I would use in your seat.
Educational calculator disclaimer
Educational estimate only. This tool uses the numbers you enter, including any rates you estimate, which are not rates offered by Bay Capital Mortgage Corporation. Nothing here is a quote, an offer, an interest rate, an APR, a pre-approval, or a commitment to make a loan. Your actual numbers depend on full underwriting and credit approval.
Figures are principal and interest only and assume the rate stays fixed. Confirm with your servicer how extra payments are applied.