Calculate how extra payments can reduce your mortgage term and interest costs. Choose between two modes based on whether you know the remaining loan term.
This calculation simulates the amortization schedule month-by-month, applying extra payments to principal after interest. Bi-weekly options accelerate by making 13 full payments per year. Consider opportunity costs: If your mortgage rate is low (e.g., <5%), investing extras in stocks (avg. 7-10% return) or maxing retirement accounts might yield more. Always check for prepayment penalties. For refinance, use our Refinance Calculator.
The remaining term is solved numerically from the payment formula. Simulation accounts for interest-first allocation, with extras reducing principal directly. Bi-weekly adds ~1 extra payment/year. Consider opportunity costs: pay high-interest debt first, build an emergency fund, or invest if returns exceed mortgage rate. No prepayment penalties on FHA/VA loans.