What could a little extra do for your mortgage?
You don’t have to double your payment to make a difference. Explore how an extra monthly payment toward principal could change your interest costs and payoff time.
Try an extra payment.
Move the slider or enter your own amount. Watch what changes when that amount goes toward principal every month.
Two paths. One mortgage.
| Compare | Scheduled | With extra |
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What amount fits your life?
Keep room for unexpected expenses and other goals. The right extra payment is one you can sustain. Before setting it on autopilot, ask your servicer how to direct the extra amount to principal and confirm how it will be applied.
For fixed-rate, fully amortizing loans with monthly payments. The scheduled principal-and-interest payment is calculated from your balance, rate and remaining term; it may differ from your statement. Taxes, insurance, HOA dues and mortgage insurance are excluded. Extra principal is assumed to begin with the next payment and continue monthly, with no fees, penalties, missed payments, rate changes, refinancing or recasting. Actual servicing calculations and rounding may differ. This tool does not determine which financial strategy is best for you.