How much interest do I save with extra payments?

Depends on loan amount, rate, and monthly extra. $100 extra/month on $300k @ 7% saves ~$60-80k.

Should I pay extra principal or invest?

If mortgage rate > investment returns, pay extra. If <, invest. Typically mortgage rates higher currently.

Yes. One annual extra payment = 1 month principal reduction. Saves ~5-7 years on 30-year mortgage.

Financial

Remaining Balance ($)

Annual Rate (%)

Monthly Payment ($)

Extra Monthly ($)

A mortgage payoff calculator shows how extra monthly payments or lump sums reduce your mortgage term and total interest paid.

Symbol	Name	Unit	Description
P	Current principal	$	—
r	Interest rate	%	—
Δ	Extra payment amount	$	—

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