Accelerated Payoff Calculator
See how extra payments can save you money and time
Loan Details
$
$
Amount above your regular payment
Current Monthly Payment $1,580
New Monthly Payment $1,780
Your Savings
$45,230
Interest Saved
5.2 yrs
Time Saved
Original Payoff 28 years
New Payoff 22.8 years
Total Interest (Original) $280,640
Total Interest (Accelerated) $235,410
Quick Scenarios
Before making extra payments
- Make sure there's no prepayment penalty on your loan
- Ensure extra payments go to principal, not future payments
- Pay off higher-interest debt first (credit cards usually beat mortgage)
- Consider if investing that money might earn more than your loan rate