Amortization and extra payments
See the finish line before you pay extra.
Compare your scheduled mortgage with a faster payoff plan. See the payment, interest, payoff date, and every balance milestone update together.
Paying $200 extra each month could save $75,000 in interest.
Your balance path
The teal line reaches zero sooner; the shaded gap is balance eliminated ahead of schedule.
Where the savings come from
Each extra dollar goes directly toward reducing principal and future interest.
Amortization schedule
Compare the scheduled loan with your faster principal plan.
| Year | Total paid | Principal | Interest | Extra principal | Ending balance |
|---|
Estimates exclude taxes, insurance, HOA dues, escrow changes, late fees, and prepayment penalties. Confirm payment instructions with your servicer.
Compare loan optionsKnow before you accelerate
Extra payments are powerful when the rest of the plan is ready.
Mortgage interest falls as the balance falls, so earlier principal reductions usually create the most savings. That does not automatically make prepaying the best use of every dollar.
Why does a small monthly extra save so much?+
Each extra principal dollar lowers the balance used to calculate next month's interest. That creates a compounding effect: less interest means more of later scheduled payments reaches principal.
Should I pay the mortgage before other debt?+
Compare rates, tax treatment, liquidity, and risk. High-interest revolving debt and an emergency reserve often deserve attention before accelerating a comparatively lower-rate mortgage.
Is biweekly payment magic?+
No. The usual benefit comes from making the equivalent of one extra monthly payment each year. You can often create the same result without a paid biweekly service by directing extra funds to principal yourself.
What should I confirm with my servicer?+
Confirm there is no prepayment penalty and that extra funds are posted as principal-only. Keep the regular scheduled payment on time even when you make additional principal payments.