Mortgage Acceleration Calculator: Save Interest and Pay Off Faster

Your details

The original or current outstanding principal balance of the mortgage.
USD
Your mortgage APR. Check your latest statement or loan documents.
%
The full amortization term of the mortgage (usually 15 or 30 years).
years
Choose how you want to pay down the mortgage faster.
Currency
Interest savedMajor savings
$96,164

Total interest avoided by accelerating versus the original schedule

Time saved6 yr 1 mo
Accelerated payoff23 yr 11 mo
Original payoff30 years
Original monthly payment$1,955.78
New periodic payment$977.89
Original interest$404,079
Accelerated interest$307,916
Original principal$300,000
Principal$300,000
Original interest$404,079
Accelerated interest$307,916

You could save $96,164 in interest.

  • By switching to accelerated biweekly payments, you avoid $96,164 in total interest charges.
  • Your mortgage is paid off 6 yr 1 mo ahead of the original schedule.
  • Biweekly payments work because 26 half-payments equal 13 full payments per year, one extra compared to the standard 12.
  • These results assume a fixed interest rate and that extra payments are applied entirely to principal, not to future interest.

Next stepBefore making extra payments, confirm with your lender that there is no prepayment penalty and that extra amounts are applied to principal, not interest.

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