Paying a mortgage off early with extra payments.
Extra each month or a lump sum ends a mortgage sooner and saves interest. How the page shows it, beside keeping the end date and paying less.
By Suraj Kumar3 min read
Every extra payment goes straight off what you owe, so it saves the interest that would have grown on it.
Extra each month.
Add an amount to every payment under More options; the answer says how much sooner it ends and how much interest it saves against paying only the payment.
A lump sum.
A lump sum after any payment can end the loan sooner or lower the payment; both are shown side by side.
Check your terms.
Some loans charge for paying early; the page assumes none, so check your own.
Further reading
Topics: mortgage extra payments · pay off mortgage early · extra principal payment · mortgage payoff · biweekly mortgage
A little less theory. A little more doing.
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