How much will I save by increasing my mortgage payment? How much will I save by increasing my mortgage payment? How much will I save by increasing my mortgage payment? Find out how much interest you can save by paying an additional amount with your mortgage payment. The additional amount will reduce the principal on your mortgage, as well as the total amount of interest you will pay, and the number of payments. Original loan amountOriginal mortgage lengthMonthsYearsDate of loanJanFebMarAprMayJunJulAugSepOctNovDec 1993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023Interest rateDate of first extra paymentJanFebMarAprMayJunJulAugSepOctNovDec 2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049205020512052Additional payment amount MonthlyAnnuallyOne Time Show Payment Schedule The extra payments will allow you to pay off your remaining loan balance 3 years earlier. Because you will pay off your loan sooner, you will save $51,216.68 in interest over the life of the loan. Calculator disclaimer The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. Presented by TimeValue Software ©2022
