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.

Does one extra payment per year help?

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

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Mortgage Payoff Calculator

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	$	—

Extra payment	Years saved	Interest saved
£100/month	~2 years	~£9,000
£200/month	~5 years	~£20,000
£500/month	~9 years	~£38,000
Lump sum £10k	~1.5 years	~£8,000

References

›Mortgage overpayment — MoneySavingExpert

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Time saved and interest reduced with extra monthly payments. Instant result with amortization table, formula and chart. Free financial calculator.

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Impact of £200/month Overpayment (£200k, 4.5%, 25yr)

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Mortgage Payoff Calculator