This mortgage calculator will help you see how much faster you can pay off your mortgage through making extra payments. You can see how much a one time payment or regular extra payments will help pay off your mortgage faster.
How do extra mortgage payments work?
It is important to know the terms of your mortgage as not all lenders allow for extra mortgage payments. Some mortgage terms will also limit the frequency and size of the extra payments that you are allowed to make.
Should you make extra payments on your mortgage?
Making additional payments on your mortgage either with a lump-sum or through additional regular payments will help pay off your mortgage faster. The earlier in your mortgage term extra payments are made the more money you will save in interest expense you would have otherwise incurred. It is important to consider the interest rate on your mortgage compared to the interest rate on other outstanding debt to see if paying down your mortgage is a good choice.