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Extra Payment Impact
How much will extra principal save you?
Adding even $100/month to your principal payment can shave years off your loan and save tens of thousands in interest. See exactly how much.
Your loan
$
%
Extra principal each month
$
Most lenders apply extra payments to principal automatically — confirm with yours, and write “principal only” on the check or in the memo if you want to be certain.
Interest you’ll save
$113,223
Adding $200/month in extra principal pays off your loan 5 yrs 4 mos earlier.
Payoff comparison
Original payoff
30 yrs
New payoff
24 yrs 8 mos
Original interest
$535,687
New interest
$422,464
The unsexy fine print
- Extra payments don’t lower your monthly payment. They shorten the term. If you want a smaller monthly check, you’re looking at a recast or a refinance.
- Don’t skip retirement contributions for this. A 401(k) match is typically a 50–100% instant return; a loan paydown returns your interest rate. Compare apples to apples before redirecting cash.
- Higher-rate debt comes first. If you have credit-card balances at 18%+, paying those down beats prepaying a 6% mortgage every time.
- Liquidity matters more than savings on paper. Money sent to principal is locked into your home until you sell or refinance. Keep an emergency fund first.
Could a 15-year refi do this for you automatically?
If your rate has room to come down, a shorter term often beats voluntary prepayment.