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Mortgage Savings Calculator

Perhaps you want to live debt free. Maybe you want your home paid off before retirement. These are two good reasons why making an extra monthly payment might make sense.

For some paying off their mortgage early is part of their investment plan. It is a no risk way to save money. Other no risk options such as a savings account probably have a much lower rate than your mortgage.

If your savings account is your emergency money, consider opening up a Home Equity Line of Credit (HELOC). This will give you some comfort to not keep as large a balance in your savings, and instead use your extra savings to pay down the higher interest rate mortgage. Should you need the money for an emergency, you can always withdraw it from the HELOC, but remember to start paying that back right away too.

Keep in mind there is no required amount you have to add per month. The more you add, the faster your mortgage goes away, and the more interest you save. However, the best strategy is to add what you are comfortable with.

Loan Details

Amount Down: $2,280

Short Cuts: Year 5, Year 10, Year 15, Year 20, Year 25, End of Loan

Month Payment Principal Interest Total
Interest
Balance Payment
With Extra
Principal Interest Total
Interest
Total
Saved
Balance
1 87.74 34.55 53.18 53.18 20,485.45 187.74 134.55 53.18 53.18 0.00 20,385.45
2 87.74 34.64 53.09 106.27 20,450.80 187.74 134.90 52.83 106.01 0.26 20,250.54
3 87.74 34.73 53.00 159.27 20,416.07 187.74 135.25 52.48 158.50 0.78 20,115.29
4 87.74 34.82 52.91 212.19 20,381.24 187.74 135.60 52.13 210.63 1.56 19,979.69
5 87.74 34.91 52.82 265.01 20,346.33 187.74 135.95 51.78 262.41 2.60 19,843.73
6 87.74 35.00 52.73 317.74 20,311.33 187.74 136.31 51.43 313.84 3.90 19,707.43
7 87.74 35.10 52.64 370.38 20,276.23 187.74 136.66 51.08 364.91 5.47 19,570.77
8 87.74 35.19 52.55 422.93 20,241.05 187.74 137.01 50.72 415.63 7.29 19,433.75
9 87.74 35.28 52.46 475.39 20,205.77 187.74 137.37 50.37 466.00 9.39 19,296.38
10 87.74 35.37 52.37 527.75 20,170.40 187.74 137.73 50.01 516.01 11.74 19,158.66
11 87.74 35.46 52.27 580.03 20,134.94 187.74 138.08 49.65 565.66 14.37 19,020.57
12 87.74 35.55 52.18 632.21 20,099.39 187.74 138.44 49.29 614.96 17.25 18,882.13
Year 1 Completed - Top of Page, Short Cuts
Month Payment Principal Interest Total
Interest
Balance Payment
With Extra
Principal Interest Total
Interest
Interest
Saved
Balance
13 87.74 35.64 52.09 684.30 20,063.74 187.74 138.80 48.94 663.89 20.41 18,743.33
14 87.74 35.74 52.00 736.30 20,028.01 187.74 139.16 48.58 712.47 23.83 18,604.18
15 87.74 35.83 51.91 788.21 19,992.18 187.74 139.52 48.22 760.68 27.52 18,464.66
16 87.74 35.92 51.81 840.02 19,956.25 187.74 139.88 47.85 808.54 31.48 18,324.78
17 87.74 36.02 51.72 891.74 19,920.24 187.74 140.24 47.49 856.03 35.71 18,184.53
18 87.74 36.11 51.63 943.37 19,884.13 187.74 140.61 47.13 903.16 40.21 18,043.92
19 87.74 36.20 51.53 994.90 19,847.93 187.74 140.97 46.76 949.92 44.98 17,902.95
20 87.74 36.30 51.44 1,046.34 19,811.63 187.74 141.34 46.40 996.32 50.02 17,761.62
21 87.74 36.39 51.35 1,097.68 19,775.24 187.74 141.70 46.03 1,042.35 55.33 17,619.91
22 87.74 36.48 51.25 1,148.93 19,738.76 187.74 142.07 45.66 1,088.02 60.91 17,477.84
23 87.74 36.58 51.16 1,200.09 19,702.18 187.74 142.44 45.30 1,133.32 66.77 17,335.40
24 87.74 36.67 51.06 1,251.15 19,665.50 187.74 142.81 44.93 1,178.24 72.91 17,192.60
Year 2 Completed - Top of Page, Short Cuts
Month Payment Principal Interest Total
Interest
Balance Payment
With Extra
Principal Interest Total
Interest
Interest
Saved
Balance
25 87.74 36.77 50.97 1,302.12 19,628.74 187.74 143.18 44.56 1,222.80 79.32 17,049.42
26 87.74 36.86 50.87 1,352.99 19,591.87 187.74 143.55 44.19 1,266.99 86.00 16,905.87
27 87.74 36.96 50.78 1,403.76 19,554.91 187.74 143.92 43.81 1,310.80 92.96 16,761.95
28 87.74 37.06 50.68 1,454.44 19,517.86 187.74 144.29 43.44 1,354.24 100.20 16,617.66
29 87.74 37.15 50.58 1,505.03 19,480.71 187.74 144.67 43.07 1,397.31 107.72 16,472.99
30 87.74 37.25 50.49 1,555.52 19,443.46 187.74 145.04 42.69 1,440.00 115.51 16,327.94
31 87.74 37.34 50.39 1,605.91 19,406.11 187.74 145.42 42.32 1,482.32 123.59 16,182.53
32 87.74 37.44 50.29 1,656.20 19,368.67 187.74 145.80 41.94 1,524.26 131.94 16,036.73
33 87.74 37.54 50.20 1,706.40 19,331.13 187.74 146.17 41.56 1,565.82 140.58 15,890.56
34 87.74 37.64 50.10 1,756.50 19,293.50 187.74 146.55 41.18 1,607.00 149.49 15,744.00
35 87.74 37.73 50.00 1,806.50 19,255.77 187.74 146.93 40.80 1,647.81 158.69 15,597.07
36 87.74 37.83 49.90 1,856.40 19,217.94 187.74 147.31 40.42 1,688.23 168.18 15,449.76
Year 3 Completed - Top of Page, Short Cuts
Month Payment Principal Interest Total
Interest
Balance Payment
With Extra
Principal Interest Total
Interest
Interest
Saved
Balance
37 87.74 37.93 49.81 1,906.21 19,180.01 187.74 147.69 40.04 1,728.27 177.94 15,302.07
38 87.74 38.03 49.71 1,955.92 19,141.98 187.74 148.08 39.66 1,767.93 187.99 15,153.99
39 87.74 38.13 49.61 2,005.53 19,103.85 187.74 148.46 39.27 1,807.20 198.33 15,005.53
40 87.74 38.22 49.51 2,055.04 19,065.63 187.74 148.85 38.89 1,846.09 208.95 14,856.68
41 87.74 38.32 49.41 2,104.45 19,027.31 187.74 149.23 38.50 1,884.59 219.86 14,707.45
42 87.74 38.42 49.31 2,153.76 18,988.88 187.74 149.62 38.12 1,922.71 231.05 14,557.83
43 87.74 38.52 49.21 2,202.98 18,950.36 187.74 150.01 37.73 1,960.44 242.54 14,407.82
44 87.74 38.62 49.11 2,252.09 18,911.74 187.74 150.39 37.34 1,997.78 254.31 14,257.43
45 87.74 38.72 49.01 2,301.10 18,873.02 187.74 150.78 36.95 2,034.73 266.37 14,106.64
46 87.74 38.82 48.91 2,350.02 18,834.19 187.74 151.18 36.56 2,071.29 278.72 13,955.47
47 87.74 38.92 48.81 2,398.83 18,795.27 187.74 151.57 36.17 2,107.46 291.37 13,803.90
48 87.74 39.02 48.71 2,447.54 18,756.25 187.74 151.96 35.78 2,143.23 304.30 13,651.94
Year 4 Completed - Top of Page, Short Cuts
Month Payment Principal Interest Total
Interest
Balance Payment
With Extra
Principal Interest Total
Interest
Interest
Saved
Balance
49 87.74 39.13 48.61 2,496.15 18,717.12 187.74 152.35 35.38 2,178.62 317.53 13,499.59
50 87.74 39.23 48.51 2,544.66 18,677.89 187.74 152.75 34.99 2,213.60 331.05 13,346.84
51 87.74 39.33 48.41 2,593.06 18,638.57 187.74 153.14 34.59 2,248.19 344.87 13,193.69
52 87.74 39.43 48.30 2,641.37 18,599.13 187.74 153.54 34.19 2,282.39 358.98 13,040.15
53 87.74 39.53 48.20 2,689.57 18,559.60 187.74 153.94 33.80 2,316.18 373.39 12,886.21
54 87.74 39.63 48.10 2,737.67 18,519.97 187.74 154.34 33.40 2,349.58 388.09 12,731.87
55 87.74 39.74 48.00 2,785.67 18,480.23 187.74 154.74 33.00 2,382.58 403.09 12,577.14
56 87.74 39.84 47.89 2,833.56 18,440.39 187.74 155.14 32.60 2,415.17 418.39 12,422.00
57 87.74 39.94 47.79 2,881.35 18,400.45 187.74 155.54 32.19 2,447.36 433.99 12,266.46
58 87.74 40.05 47.69 2,929.04 18,360.40 187.74 155.94 31.79 2,479.16 449.89 12,110.51
59 87.74 40.15 47.58 2,976.63 18,320.25 187.74 156.35 31.39 2,510.54 466.08 11,954.16
60 87.74 40.26 47.48 3,024.11 18,279.99 187.74 156.75 30.98 2,541.52 482.58 11,797.41
Year 5 Completed - Top of Page, Short Cuts
Month Payment Principal Interest Total
Interest
Balance Payment
With Extra
Principal Interest Total
Interest
Interest
Saved
Balance
61 87.74 40.36 47.38 3,071.48 18,239.63 187.74 157.16 30.57 2,572.10 499.38 11,640.25
62 87.74 40.46 47.27 3,118.75 18,199.17 187.74 157.57 30.17 2,602.27 516.49 11,482.68
63 87.74 40.57 47.17 3,165.92 18,158.60 187.74 157.98 29.76 2,632.02 533.89 11,324.70
64 87.74 40.67 47.06 3,212.98 18,117.92 187.74 158.39 29.35 2,661.37 551.61 11,166.32
65 87.74 40.78 46.96 3,259.94 18,077.14 187.74 158.80 28.94 2,690.31 569.62 11,007.52
66 87.74 40.89 46.85 3,306.79 18,036.26 187.74 159.21 28.53 2,718.84 587.94 10,848.31
67 87.74 40.99 46.74 3,353.53 17,995.27 187.74 159.62 28.12 2,746.96 606.57 10,688.69
68 87.74 41.10 46.64 3,400.17 17,954.17 187.74 160.03 27.70 2,774.66 625.51 10,528.66
69 87.74 41.20 46.53 3,446.70 17,912.97 187.74 160.45 27.29 2,801.95 644.75 10,368.21
70 87.74 41.31 46.42 3,493.12 17,871.66 187.74 160.86 26.87 2,828.82 664.31 10,207.35
71 87.74 41.42 46.32 3,539.44 17,830.24 187.74 161.28 26.45 2,855.27 684.17 10,046.07
72 87.74 41.53 46.21 3,585.65 17,788.71 187.74 161.70 26.04 2,881.31 704.34 9,884.37
Year 6 Completed - Top of Page, Short Cuts
Month Payment Principal Interest Total
Interest
Balance Payment
With Extra
Principal Interest Total
Interest
Interest
Saved
Balance
73 87.74 41.63 46.10 3,631.75 17,747.08 187.74 162.12 25.62 2,906.92 724.83 9,722.25
74 87.74 41.74 45.99 3,677.75 17,705.34 187.74 162.54 25.20 2,932.12 745.63 9,559.71
75 87.74 41.85 45.89 3,723.63 17,663.49 187.74 162.96 24.78 2,956.90 766.74 9,396.75
76 87.74 41.96 45.78 3,769.41 17,621.53 187.74 163.38 24.35 2,981.25 788.16 9,233.37
77 87.74 42.07 45.67 3,815.08 17,579.47 187.74 163.81 23.93 3,005.18 809.90 9,069.56
78 87.74 42.18 45.56 3,860.64 17,537.29 187.74 164.23 23.51 3,028.68 831.96 8,905.33
79 87.74 42.28 45.45 3,906.09 17,495.01 187.74 164.66 23.08 3,051.76 854.33 8,740.68
80 87.74 42.39 45.34 3,951.43 17,452.61 187.74 165.08 22.65 3,074.42 877.02 8,575.60
81 87.74 42.50 45.23 3,996.66 17,410.11 187.74 165.51 22.23 3,096.64 900.02 8,410.09
82 87.74 42.61 45.12 4,041.79 17,367.49 187.74 165.94 21.80 3,118.44 923.35 8,244.15
83 87.74 42.72 45.01 4,086.80 17,324.77 187.74 166.37 21.37 3,139.80 946.99 8,077.78
84 87.74 42.84 44.90 4,131.70 17,281.94 187.74 166.80 20.93 3,160.74 970.96 7,910.98
Year 7 Completed - Top of Page, Short Cuts
Month Payment Principal Interest Total
Interest
Balance Payment
With Extra
Principal Interest Total
Interest
Interest
Saved
Balance
85 87.74 42.95 44.79 4,176.49 17,238.99 187.74 167.23 20.50 3,181.24 995.24 7,743.74
86 87.74 43.06 44.68 4,221.16 17,195.93 187.74 167.67 20.07 3,201.31 1,019.85 7,576.08
87 87.74 43.17 44.57 4,265.73 17,152.76 187.74 168.10 19.63 3,220.95 1,044.78 7,407.98
88 87.74 43.28 44.45 4,310.18 17,109.48 187.74 168.54 19.20 3,240.14 1,070.04 7,239.44
89 87.74 43.39 44.34 4,354.53 17,066.09 187.74 168.97 18.76 3,258.91 1,095.62 7,070.47
90 87.74 43.51 44.23 4,398.76 17,022.58 187.74 169.41 18.32 3,277.23 1,121.52 6,901.06
91 87.74 43.62 44.12 4,442.87 16,978.96 187.74 169.85 17.89 3,295.12 1,147.76 6,731.21
92 87.74 43.73 44.00 4,486.88 16,935.23 187.74 170.29 17.45 3,312.56 1,174.31 6,560.92
93 87.74 43.84 43.89 4,530.77 16,891.39 187.74 170.73 17.00 3,329.57 1,201.20 6,390.19
94 87.74 43.96 43.78 4,574.54 16,847.43 187.74 171.17 16.56 3,346.13 1,228.42 6,219.01
95 87.74 44.07 43.66 4,618.21 16,803.36 187.74 171.62 16.12 3,362.24 1,255.96 6,047.39
96 87.74 44.19 43.55 4,661.76 16,759.17 187.74 172.06 15.67 3,377.92 1,283.84 5,875.33
Year 8 Completed - Top of Page, Short Cuts
Month Payment Principal Interest Total
Interest
Balance Payment
With Extra
Principal Interest Total
Interest
Interest
Saved
Balance
97 87.74 44.30 43.43 4,705.19 16,714.87 187.74 172.51 15.23 3,393.14 1,312.05 5,702.82
98 87.74 44.42 43.32 4,748.51 16,670.45 187.74 172.96 14.78 3,407.92 1,340.59 5,529.87
99 87.74 44.53 43.20 4,791.71 16,625.92 187.74 173.40 14.33 3,422.26 1,369.46 5,356.46
100 87.74 44.65 43.09 4,834.80 16,581.28 187.74 173.85 13.88 3,436.14 1,398.66 5,182.61
101 87.74 44.76 42.97 4,877.77 16,536.51 187.74 174.30 13.43 3,449.57 1,428.21 5,008.31
102 87.74 44.88 42.86 4,920.63 16,491.64 187.74 174.76 12.98 3,462.55 1,458.08 4,833.55
103 87.74 44.99 42.74 4,963.37 16,446.64 187.74 175.21 12.53 3,475.08 1,488.30 4,658.34
104 87.74 45.11 42.62 5,006.00 16,401.53 187.74 175.66 12.07 3,487.15 1,518.85 4,482.68
105 87.74 45.23 42.51 5,048.50 16,356.30 187.74 176.12 11.62 3,498.77 1,549.74 4,306.56
106 87.74 45.35 42.39 5,090.89 16,310.96 187.74 176.57 11.16 3,509.93 1,580.97 4,129.99
107 87.74 45.46 42.27 5,133.17 16,265.49 187.74 177.03 10.70 3,520.63 1,612.54 3,952.96
108 87.74 45.58 42.15 5,175.32 16,219.91 187.74 177.49 10.24 3,530.88 1,644.45 3,775.47
Year 9 Completed - Top of Page, Short Cuts
Month Payment Principal Interest Total
Interest
Balance Payment
With Extra
Principal Interest Total
Interest
Interest
Saved
Balance
109 87.74 45.70 42.04 5,217.36 16,174.22 187.74 177.95 9.78 3,540.66 1,676.70 3,597.52
110 87.74 45.82 41.92 5,259.28 16,128.40 187.74 178.41 9.32 3,549.98 1,709.29 3,419.11
111 87.74 45.94 41.80 5,301.08 16,082.46 187.74 178.87 8.86 3,558.85 1,742.23 3,240.23
112 87.74 46.05 41.68 5,342.76 16,036.41 187.74 179.34 8.40 3,567.24 1,775.51 3,060.89
113 87.74 46.17 41.56 5,384.32 15,990.23 187.74 179.80 7.93 3,575.18 1,809.14 2,881.09
114 87.74 46.29 41.44 5,425.76 15,943.94 187.74 180.27 7.47 3,582.64 1,843.12 2,700.82
115 87.74 46.41 41.32 5,467.08 15,897.53 187.74 180.74 7.00 3,589.64 1,877.44 2,520.09
116 87.74 46.53 41.20 5,508.28 15,850.99 187.74 181.20 6.53 3,596.17 1,912.11 2,338.88
117 87.74 46.65 41.08 5,549.36 15,804.34 187.74 181.67 6.06 3,602.23 1,947.13 2,157.21
118 87.74 46.78 40.96 5,590.32 15,757.56 187.74 182.14 5.59 3,607.83 1,982.50 1,975.07
119 87.74 46.90 40.84 5,631.16 15,710.66 187.74 182.62 5.12 3,612.94 2,018.22 1,792.45
120 87.74 47.02 40.72 5,671.88 15,663.65 187.74 183.09 4.65 3,617.59 2,054.29 1,609.36
Year 10 Completed - Top of Page, Short Cuts
Month Payment Principal Interest Total
Interest
Balance Payment
With Extra
Principal Interest Total
Interest
Interest
Saved
Balance
121 87.74 47.14 40.59 5,712.47 15,616.51 187.74 183.56 4.17 3,621.76 2,090.71 1,425.79
122 87.74 47.26 40.47 5,752.94 15,569.24 187.74 184.04 3.70 3,625.46 2,127.49 1,241.75
123 87.74 47.38 40.35 5,793.29 15,521.86 187.74 184.52 3.22 3,628.67 2,164.62 1,057.24
124 87.74 47.51 40.23 5,833.52 15,474.35 187.74 185.00 2.74 3,631.41 2,202.11 872.24
125 87.74 47.63 40.10 5,873.63 15,426.72 187.74 185.47 2.26 3,633.67 2,239.95 686.77
126 87.74 47.75 39.98 5,913.61 15,378.96 187.74 185.96 1.78 3,635.45 2,278.15 500.81
127 87.74 47.88 39.86 5,953.46 15,331.09 187.74 186.44 1.30 3,636.75 2,316.71 314.37
128 87.74 48.00 39.73 5,993.20 15,283.08 187.74 186.92 0.81 3,637.57 2,355.63 127.45
129 87.74 48.13 39.61 6,032.81 15,234.96 127.78 127.45 0.33 3,637.90 2,394.91 0.00

Loan Paid off in Year 11.

Total Interest Based on 30 Year Loan with No Extra Payment $11,064.69.

Total Interest Saved with Pre-Payment is $7,426.80