See how extra monthly payments cut your mortgage interest and clear your loan years earlier. Compare with and without overpayment, switch between shortening the term or lowering the installment, and find your savings instantly. No signup required.
Strategy
How to apply your overpayment
Save $266,407 and pay off 11y 8m earlier
Balance over time
Remaining mortgage with vs without overpayment
Your overpayment impact
Key numbers with your overpayment applied
Interest saved
$266,407
Time saved
11y 8m
Total interest
$243,928
Total paid
$485,514
Monthly installment
$3,034/mo
Payoff term
13y 4m
Year-by-Year Breakdown
Remaining balance, interest and overpayments each year
| Year | Remaining Balance | Installment | Interest (cumulative) | Overpaid (cumulative) |
|---|---|---|---|---|
| 1 | $382,158 | $3,034 | $30,571 | $12,000 |
| 2 | $362,873 | $3,034 | $59,700 | $24,000 |
| 3 | $342,028 | $3,034 | $87,269 | $36,000 |
| 4 | $319,499 | $3,034 | $113,153 | $48,000 |
| 5 | $295,148 | $3,034 | $137,216 | $60,000 |
| 6 | $268,828 | $3,034 | $159,309 | $72,000 |
| 7 | $240,381 | $3,034 | $179,275 | $84,000 |
| 8 | $209,633 | $3,034 | $196,941 | $96,000 |
| 9 | $176,400 | $3,034 | $212,121 | $108,000 |
| 10 | $140,479 | $3,034 | $224,614 | $120,000 |
Save $266,407 and pay off 11y 8m earlier
Balance over time
Remaining mortgage with vs without overpayment
Year-by-Year Breakdown
Remaining balance, interest and overpayments each year
| Year | Remaining Balance | Installment | Interest (cumulative) | Overpaid (cumulative) |
|---|---|---|---|---|
| 1 | $382,158 | $3,034 | $30,571 | $12,000 |
| 2 | $362,873 | $3,034 | $59,700 | $24,000 |
| 3 | $342,028 | $3,034 | $87,269 | $36,000 |
| 4 | $319,499 | $3,034 | $113,153 | $48,000 |
| 5 | $295,148 | $3,034 | $137,216 | $60,000 |
| 6 | $268,828 | $3,034 | $159,309 | $72,000 |
| 7 | $240,381 | $3,034 | $179,275 | $84,000 |
| 8 | $209,633 | $3,034 | $196,941 | $96,000 |
| 9 | $176,400 | $3,034 | $212,121 | $108,000 |
| 10 | $140,479 | $3,034 | $224,614 | $120,000 |
Strategy
How to apply your overpayment
Your overpayment impact
Key numbers with your overpayment applied
Interest saved
$266,407
Time saved
11y 8m
Total interest
$243,928
Total paid
$485,514
Monthly installment
$3,034/mo
Payoff term
13y 4m
A mortgage overpayment is any amount you pay on top of your required monthly installment. Because the extra payment reduces the outstanding principal straight away, you pay interest on a smaller balance for the rest of the loan.
This calculator compares your mortgage with and without an overpayment so you can see exactly how much interest you save and how much sooner you become mortgage-free.