Adding 300 each month
On a $350,000 mortgage with 30 years remaining, adding $300 each month directs $3,600 more to principal each year and can remove years of later interest-bearing payments.
PayoffPath • US mortgage payoff planning
+$Mortgage Extra Payment & Early Payoff Calculator
Calculate how extra monthly or lump-sum principal payments can change your mortgage payoff date and interest.
Check your awardLoading, overtime and penalty-rate interactions can differ by award, agreement, age and shift.
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$33.05$991.50 weekly gross pay$6.61 loading per hour$0.00 overtime pay
Estimate before tax, allowances and award-specific penalty rules.
Using this tool
Direct extra money toward principal
Enter the current balance, fixed rate and remaining term, then add a recurring extra payment or one-time principal payment. PayoffPath compares the accelerated schedule with making only the scheduled principal-and-interest payment.
Reading the output
Small recurring payments can remove years
Month-by-month accelerated amortization
Each month, interest equals the remaining balance times the monthly rate. The scheduled payment plus extra principal reduces the balance until it reaches zero; the baseline repeats the same schedule without extras.
Confirm how the servicer applies extras
- Tell the servicer to apply extra money to principal rather than a future payment.
- Check for prepayment restrictions or processing rules.
- Keep an emergency fund before locking extra cash into home equity.
Before relying on the result
Extra payments, escrow and payoff timing
Does one extra mortgage payment a year help?
Yes. Applying an extra full payment to principal each year can shorten payoff time and reduce interest, although the exact result depends on rate, balance and timing.
Does this include taxes and insurance?
No. It models principal and interest because escrow payments do not normally reduce the loan balance.