How much sooner you can repay your mortgage depends on the size and frequency of your extra payments, along with your current balance, interest rate, and remaining loan term. Paying a small additional amount every month may shorten the loan by a meaningful period, while larger or more frequent principal payments can accelerate the payoff further. There is no single number of years that applies to everyone. The easiest way to estimate the effect is to compare your current amortization schedule with a schedule that includes the additional payments you are considering. Our mortgage payoff calculator can help you estimate how different payment strategies could change your expected payoff date. You can also use the mortgage calculator with extra payments to test different additional amounts and see how the results change.
