Extra Payment Calculator
Small additions to your monthly principal payment can shave years off your mortgage and save you tens of thousands of dollars in interest over the life of your loan.
Calculator Coming Soon
We are currently integrating our advanced 2026 principal-reduction tool. In the meantime, here is a quick rule of thumb for early payoff:
The One-Extra-Payment Strategy
Making just one extra mortgage payment per year can reduce a 30-year loan by approximately 4–5 years.
Bi-Weekly Payments
By paying half your mortgage every two weeks, you end up making 13 full payments a year without feeling the extra burden.
Why Make Extra Payments?
When you make an "extra" payment, you should specify that it is for **Principal Only**. This reduces the base balance that your interest is calculated from. Over time, this creates a snowball effect where more of your regular monthly payment goes toward principal rather than interest.
Is it always the best move? Not necessarily. Depending on your current interest rate and other high-interest debts (like credit cards), it might be smarter to invest that extra cash or pay off higher-interest balances first.
Get a Custom Payoff Strategy
Rob Miller can run a "What-If" analysis on your specific loan to show you exactly how much time and money you can save. We'll help you decide if paying down your mortgage early is the right move for your overall wealth strategy.
Request Payoff Analysis