How fast could you pay it off?
See your monthly payment, the full payment schedule, and how much extra payments or paying every two weeks would save. Free, no sign-up, and nothing you type is stored.
1The loan
2Taxes, insurance and fees optional
3Pay it off faster optional
Extra payments go straight to principal. Ask your lender to apply them that way; most do it automatically.
Loan balance over time
Point at the chart to see the balance in any year.
Payment schedule
Good to know
- Every two weeks vs. one extra payment a year. Paying half your payment every two weeks adds up to 26 half-payments, the same as 13 monthly payments a year. Paying one extra monthly payment each year saves about the same, and you can do it yourself. Some lenders and outside services charge a fee to set up biweekly payments.
- Check for a prepayment penalty. Most home loans made since 2014 can't charge one, but some older or non-standard loans do. Your loan documents will say.
- PMI ends on its own. On a conventional loan, the lender must drop private mortgage insurance once your balance is scheduled to reach 78% of the home's original value, and you can ask to drop it at 80%. Extra payments get you there sooner. FHA loans follow different rules.
- Extra money has other uses. Paying down a mortgage is a guaranteed return equal to its rate. Whether that beats paying off higher-rate debt, building savings or investing depends on your situation.