Your mortgage
Your result
Estimates only, based on the numbers you enter and the rules shown. Not financial advice. Your lender or provider will use its own checks.
How it’s calculated
Each month, interest is charged on the balance (APR ÷ 12) and your payment is taken off. Paying extra goes straight to the balance, so less interest builds up every month after that. That is why a small extra payment can cut months or years off.
Before you overpay your mortgage
- Check for prepayment penalties or early repayment charges. In the US some mortgages have a prepayment penalty; in the UK, Canada and Australia many fixed-rate deals limit how much you can overpay each year without a charge. Your mortgage terms will say. CFPB: what is a prepayment penalty?
- Make sure overpayments reduce the balance, not just your next payment.
- Clear higher-interest debt first, like credit cards, and keep an emergency fund.
- Taxes and escrow aren’t included. Enter only the principal and interest part of your payment for the most accurate result.
Frequently asked questions
How much faster will I pay off my mortgage with extra payments?
Enter your balance, rate and payment above. Even a small extra amount every month can take years off a long mortgage, because each extra dollar stops interest building on it.
Is it better to overpay monthly or make a lump sum?
Both help. A lump sum now saves more interest than the same amount spread out later, but regular overpayments are easier for most budgets. Try both in the calculator.
Should I pay off my mortgage early or invest?
It depends on your mortgage rate, your other debts, your emergency savings and your goals. This calculator shows the interest saved; for a personal recommendation, talk to a qualified adviser.