Mortgage Prepayment Calculator

Your details

The remaining principal you still owe on the mortgage.
The fixed annual interest rate on your mortgage.
%
How many years remain on your mortgage.
years
Choose how you want to make extra payments. Bi-weekly acceleration splits your monthly payment in half and pays every two weeks, resulting in one extra full payment per year.
Amount added to your regular monthly payment each month.
Currency
Interest savedStrong savings
$91,174

Total interest eliminated by your prepayment strategy

Time saved6 yr 5 mo
New payoff in18 yr 7 mo
Interest without prepayment$307,686
Interest with prepayment$216,512
Base monthly payment$2,025.62
Interest reduction29.6%
Without prepayment$309,712.07
With prepayment$216,512.32

Interest saved: $91,174

  • Monthly payment
  • Total interest
Original interest$307,686
Interest with prepayment$216,512
Interest saved$91,174

You could save $91,174 in interest.

  • Your prepayment strategy eliminates 29.6% of total interest, a saving of roughly $91,174.
  • You will pay off the mortgage 6 yr 5 mo earlier than the original schedule.
  • Committing $300 extra each month is one of the most consistent ways to build equity faster.
  • Without prepayment, total interest over the life of this loan would be approximately $307,686.

Next stepCheck whether your lender charges a prepayment penalty before making additional payments. Government-backed loans (FHA, VA, USDA) do not, but some conventional loans do for the first 3-5 years.

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