## How fast will I pay off a mortgage?

How fast you'll pay off a mortgage if you make extra payments depends on several factors, chief among them are:

- the mortgage loan amount
- the mortgage interest rate
- the amount of the extra payment; and
- the original term (number of payments)

The below mortgage calculator with support for extra payments will quickly calculate the answer for your circumstances, but here's an example.

#### Info...

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### An Example:

According to the Mortgage Bankers Association, the average size of new 30-year mortgages in the U.S. is approaching $400,000, and interest rates are hovering around 3%.

To calculate how long it will take for the mortgage holder to pay off the average mortgage, set up the calculator this way:

- Mortgage Amount (or current balance):
**400,000.00** - Number of Payments:
**360 (original 30-year term)** - Interest Rate (Annual):
**3.0%** - Mortgage Payment Amount:
**$1,682.42** - Pay this Extra Amount:
**$200.00** - Extra Payments Start:
**<as appropriate>** - Number of Extra Payments:
**Unknown**

Assuming the above scenario, you'll pay off your $400,000 in a little over 25 years, and perhaps the best part, you'll save over $36,000 in mortgage interest charges.

## The Mortgage Payment Schedule with Extra Payments

The calculator supports schedules with:

- a specific number of additional payments; or
- extra payments until you've paid off the loan; or
- extra payments at a different frequency than the "regular payment" - try making two extra payments a year; or
- additional payments on dates other than a scheduled date; or
- a single
**lump-sum**extra payment on any date

Also, take a moment to study the mortgage payment schedule. Observe the lines where you've paid an extra amount. Notice that 100% of the amount gets applied to the principal balance. But if you are auditing your lender, they must apply the payments in the same way if you want to **maximize your interest savings**. Some lenders may not do this, particularly if you make the extra payment on a date other than a scheduled due date.

Interestingly, a lot of online calculators are not capable of making the correct calculation either. That's why this calculator is **the real deal**!

### Important usage notes about this calculator:

- The calculator will calculate the regular periodic payment for you if you enter a "0". If you know the amount, you can enter it, and the mortgage schedule will use it.
- If you want to calculate the interest, you'll save on an existing loan start by entering the loan's current balance and the number of remaining payments.
- Assume you've received a large bonus, and you want to calculate the result of making one lump-sum payment. To do so, change "Unknown" to "1" in step 7.
**Always enter (and reenter) a 0 if you want a value calculated**. Why doesn't the calculator automatically recalculate the last unknown? We want the calculator to create an amortization schedule using whatever parameters you want to use. This is a feature! By not automatically recalculating the payment (for example) when the mortgage amount changes, this calculator lets those users create a payment schedule with whatever payment amount they want.

### Mortgage Calculator with Extra Payments Help

The calculator will calculate any one of four unknowns.

Enter an amount for any three and a zero for the unknown value:

- Mortgage Amount
- Number of Payments?:
- Interest Rate (Annual)?:
- Mortgage Payment Amount?:

## Comments, suggestions & questions welcomed...