What is the effect of paying extra principal on your mortgage?Дepending on your financial situation, paying extra principal on your mortgage can be a great option to reduce interest expense and pay off the loan more quickly. It also shows total interest over the term of your loan. An amortization schedule shows how much money you pay in principal and interest. But, over time, more of your payment goes towards the principal balance, while the monthly cost or payment of interest decreases.

With a fixed-rate loan, your monthly principal and interest payment stays consistent, or the same amount, over the term of the loan. What is an amortization schedule?ДЄmortization is the process of gradually repaying your loan by making regular monthly payments of principal and interest. Use this calculator to help you determine whether you should consider paying extra on your mortgage payment. It also makes some assumptions about mortgage insurance and other costs, which can be significant. This amortization extra payment calculator estimates how much you could potentially save on interest and how quickly you may be able to pay off your mortgage loan based on the information you provide.

Use this amortization calculator to get an estimate of cost savings and more. Find a financial advisor or wealth specialist.

Mortgage calculator with amortization