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A LITTLE EXTRA. A DIFFERENT PAYOFF DATE.

What could extra
payments change?

Compare the time and interest you could save by paying extra principal. No contact information is needed to explore.

Purchase payment calculator

Your current mortgage

Find “Outstanding Principal” or “Principal Balance” on your statement. Use the current balance, not the original loan amount or a payoff quote.

Use your mortgage statement

In your statement’s payment breakdown, add “Principal” and “Interest.” Exclude escrow, property taxes, insurance, mortgage insurance, fees and extra principal payments. Use the regular scheduled payment, not the total amount due.

Extra principal starts with the next payment, then every month, 3 months, or 12 months as selected. “Once” applies only to that next payment.

Keep your results. Ask your questions.

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This is not a loan application or consent to automated marketing texts or calls. Please do not submit Social Security numbers, financial documents, or account numbers.

Assumptions and next steps

This tool is for fully amortizing fixed-rate loans. Adjustable-rate, interest-only, balloon-payment, delinquent or modified loans may need a different calculation. This educational estimate assumes a fixed rate, a fully amortizing loan, monthly interest calculation, payments made on time, and extra amounts applied directly to principal with the scheduled payment. It excludes taxes, insurance, mortgage insurance, fees, prepayment penalties, daily-interest differences, recasting and future rate changes. Actual servicing and payoff amounts may differ. It does not evaluate whether extra payments are the best use of your money.

Ask your servicer how to designate principal-only payments and whether your loan has a prepayment penalty. CFPB information about prepayment penalties.