Prepayment Savings Calculator

Find out how much you can save on your loan by making additional payments.

Term Reduction

The term on your mortgage has been reduced by: {{result.termReductionDisplay}}

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Why should I prepay my mortgage?

If you choose to pay more than your required monthly mortgage payment before its officially due, not only will you decrease the time it takes to pay off your mortgage, but you'll also reduce your total interest payment costs. Making extra monthly payments when you're able can really help you out in the long run, especially when it comes to the interest savings you'll experience.

Imagine having fewer monthly payments in your future! Finishing your loan term a few months or even years early could have a big impact on your financial future.

What can this calculator tell me?

Our version of a mortgage payoff calculator allows you to enter the additional dollar amount you'd like to pay on your mortgage each month and shows you how much sooner you could pay off your mortgage.

Also, you can select an amortization table to see how much less you'll pay in interest over the life of your loan and what your new loan balance will be at the end of each year.

Of course, talking with one of our experienced loan officers will get you the most accurate estimate of how much you could save by prepaying your mortgage. But this calculator is a great place to start.


*Default amounts are hypothetical and may not apply to your individual situation. This calculator provides approximations for informational purposes only. Actual results will be provided by your lender and will likely vary depending on your eligibility and current market rates.