How Much Will Extra Mortgage Payments Save?
Model two custom payoff strategies side by side and see exactly which extra payment plan saves more — in dollars and years.
Current Monthly Payment
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New Monthly Payment
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Est. Interest Saved
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Break-Even
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Current Mortgage
Calculated monthly P&I: $2,363 — verify this matches your statement
Extra Payment
Additional amount applied to principal each month
Time Saved
5 years and 9 months
Payoff: July 2045 vs April 2051
Interest Saved
$95,525
with $300/mo extra
Remaining Balance
Shows how extra payments accelerate principal paydown. The green line reaches zero earlier, representing your shortened loan term.
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Also Consider
Quick Reference
- Closing Cost BreakdownTypical fees and who pays what
- PMI Thresholds & RatesWhen PMI applies, typical rates, removal rules
- Conforming Loan Limits2025 limits by county (FHA, conventional, jumbo)
- Current Mortgage Rates30-year, 15-year, ARM averages by credit score
- Mortgage Tax DeductionsWhat's deductible, limits, phase-outs
- Property Tax Rates by StateAverage effective rates and exemptions
Insights
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