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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: $3,100

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
1 119.29 46.98 72.31 72.31 27,853.02 219.29 146.98 72.31 72.31 0.00 27,753.02
2 119.29 47.10 72.19 144.49 27,805.91 219.29 147.36 71.93 144.23 0.26 27,605.66
3 119.29 47.23 72.06 216.56 27,758.69 219.29 147.74 71.54 215.78 0.78 27,457.91
4 119.29 47.35 71.94 288.50 27,711.34 219.29 148.13 71.16 286.94 1.56 27,309.78
5 119.29 47.47 71.82 360.32 27,663.87 219.29 148.51 70.78 357.72 2.60 27,161.27
6 119.29 47.59 71.70 432.01 27,616.28 219.29 148.90 70.39 428.11 3.90 27,012.38
7 119.29 47.72 71.57 503.58 27,568.56 219.29 149.28 70.01 498.12 5.47 26,863.09
8 119.29 47.84 71.45 575.03 27,520.72 219.29 149.67 69.62 567.74 7.29 26,713.43
9 119.29 47.96 71.32 646.36 27,472.76 219.29 150.06 69.23 636.97 9.39 26,563.37
10 119.29 48.09 71.20 717.56 27,424.67 219.29 150.45 68.84 705.81 11.74 26,412.92
11 119.29 48.21 71.08 788.63 27,376.45 219.29 150.84 68.45 774.27 14.37 26,262.09
12 119.29 48.34 70.95 859.58 27,328.11 219.29 151.23 68.06 842.33 17.25 26,110.86
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
13 119.29 48.46 70.83 930.41 27,279.65 219.29 151.62 67.67 910.00 20.41 25,959.24
14 119.29 48.59 70.70 1,001.11 27,231.06 219.29 152.01 67.28 977.28 23.83 25,807.23
15 119.29 48.72 70.57 1,071.68 27,182.35 219.29 152.41 66.88 1,044.16 27.52 25,654.82
16 119.29 48.84 70.45 1,142.13 27,133.50 219.29 152.80 66.49 1,110.65 31.48 25,502.02
17 119.29 48.97 70.32 1,212.45 27,084.54 219.29 153.20 66.09 1,176.74 35.71 25,348.83
18 119.29 49.10 70.19 1,282.65 27,035.44 219.29 153.59 65.70 1,242.44 40.21 25,195.23
19 119.29 49.22 70.07 1,352.71 26,986.22 219.29 153.99 65.30 1,307.74 44.98 25,041.24
20 119.29 49.35 69.94 1,422.65 26,936.87 219.29 154.39 64.90 1,372.64 50.02 24,886.85
21 119.29 49.48 69.81 1,492.46 26,887.39 219.29 154.79 64.50 1,437.13 55.33 24,732.06
22 119.29 49.61 69.68 1,562.15 26,837.78 219.29 155.19 64.10 1,501.23 60.91 24,576.87
23 119.29 49.73 69.55 1,631.70 26,788.05 219.29 155.59 63.70 1,564.93 66.77 24,421.28
24 119.29 49.86 69.43 1,701.13 26,738.19 219.29 156.00 63.29 1,628.22 72.91 24,265.28
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
25 119.29 49.99 69.30 1,770.42 26,688.19 219.29 156.40 62.89 1,691.11 79.32 24,108.88
26 119.29 50.12 69.17 1,839.59 26,638.07 219.29 156.81 62.48 1,753.59 86.00 23,952.07
27 119.29 50.25 69.04 1,908.63 26,587.82 219.29 157.21 62.08 1,815.66 92.96 23,794.86
28 119.29 50.38 68.91 1,977.53 26,537.44 219.29 157.62 61.67 1,877.33 100.20 23,637.24
29 119.29 50.51 68.78 2,046.31 26,486.92 219.29 158.03 61.26 1,938.59 107.72 23,479.21
30 119.29 50.64 68.65 2,114.96 26,436.28 219.29 158.44 60.85 1,999.44 115.51 23,320.77
31 119.29 50.78 68.51 2,183.47 26,385.51 219.29 158.85 60.44 2,059.88 123.59 23,161.92
32 119.29 50.91 68.38 2,251.85 26,334.60 219.29 159.26 60.03 2,119.91 131.94 23,002.66
33 119.29 51.04 68.25 2,320.10 26,283.56 219.29 159.67 59.62 2,179.53 140.58 22,842.98
34 119.29 51.17 68.12 2,388.22 26,232.39 219.29 160.09 59.20 2,238.73 149.49 22,682.89
35 119.29 51.30 67.99 2,456.21 26,181.09 219.29 160.50 58.79 2,297.51 158.69 22,522.39
36 119.29 51.44 67.85 2,524.06 26,129.65 219.29 160.92 58.37 2,355.88 168.18 22,361.47
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
37 119.29 51.57 67.72 2,591.78 26,078.08 219.29 161.34 57.95 2,413.84 177.94 22,200.14
38 119.29 51.70 67.59 2,659.36 26,026.38 219.29 161.75 57.54 2,471.37 187.99 22,038.38
39 119.29 51.84 67.45 2,726.82 25,974.54 219.29 162.17 57.12 2,528.49 198.33 21,876.21
40 119.29 51.97 67.32 2,794.13 25,922.57 219.29 162.59 56.70 2,585.18 208.95 21,713.62
41 119.29 52.11 67.18 2,861.32 25,870.46 219.29 163.01 56.27 2,641.46 219.86 21,550.60
42 119.29 52.24 67.05 2,928.36 25,818.22 219.29 163.44 55.85 2,697.31 231.05 21,387.17
43 119.29 52.38 66.91 2,995.28 25,765.84 219.29 163.86 55.43 2,752.74 242.54 21,223.31
44 119.29 52.51 66.78 3,062.05 25,713.33 219.29 164.29 55.00 2,807.74 254.31 21,059.02
45 119.29 52.65 66.64 3,128.69 25,660.68 219.29 164.71 54.58 2,862.32 266.37 20,894.31
46 119.29 52.79 66.50 3,195.20 25,607.89 219.29 165.14 54.15 2,916.47 278.72 20,729.17
47 119.29 52.92 66.37 3,261.56 25,554.97 219.29 165.57 53.72 2,970.20 291.37 20,563.60
48 119.29 53.06 66.23 3,327.79 25,501.91 219.29 166.00 53.29 3,023.49 304.30 20,397.61
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
49 119.29 53.20 66.09 3,393.89 25,448.72 219.29 166.43 52.86 3,076.35 317.53 20,231.18
50 119.29 53.33 65.95 3,459.84 25,395.38 219.29 166.86 52.43 3,128.79 331.05 20,064.33
51 119.29 53.47 65.82 3,525.66 25,341.91 219.29 167.29 52.00 3,180.79 344.87 19,897.04
52 119.29 53.61 65.68 3,591.33 25,288.30 219.29 167.72 51.57 3,232.35 358.98 19,729.32
53 119.29 53.75 65.54 3,656.87 25,234.55 219.29 168.16 51.13 3,283.48 373.39 19,561.16
54 119.29 53.89 65.40 3,722.27 25,180.66 219.29 168.59 50.70 3,334.18 388.09 19,392.56
55 119.29 54.03 65.26 3,787.53 25,126.63 219.29 169.03 50.26 3,384.44 403.09 19,223.53
56 119.29 54.17 65.12 3,852.65 25,072.46 219.29 169.47 49.82 3,434.26 418.39 19,054.07
57 119.29 54.31 64.98 3,917.63 25,018.15 219.29 169.91 49.38 3,483.64 433.99 18,884.16
58 119.29 54.45 64.84 3,982.47 24,963.70 219.29 170.35 48.94 3,532.58 449.89 18,713.81
59 119.29 54.59 64.70 4,047.17 24,909.11 219.29 170.79 48.50 3,581.08 466.08 18,543.02
60 119.29 54.73 64.56 4,111.72 24,854.37 219.29 171.23 48.06 3,629.14 482.58 18,371.79
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
61 119.29 54.87 64.41 4,176.14 24,799.50 219.29 171.68 47.61 3,676.75 499.38 18,200.11
62 119.29 55.02 64.27 4,240.41 24,744.48 219.29 172.12 47.17 3,723.92 516.49 18,027.99
63 119.29 55.16 64.13 4,304.54 24,689.32 219.29 172.57 46.72 3,770.65 533.89 17,855.43
64 119.29 55.30 63.99 4,368.53 24,634.02 219.29 173.01 46.28 3,816.92 551.61 17,682.41
65 119.29 55.45 63.84 4,432.37 24,578.57 219.29 173.46 45.83 3,862.75 569.62 17,508.95
66 119.29 55.59 63.70 4,496.07 24,522.98 219.29 173.91 45.38 3,908.12 587.94 17,335.04
67 119.29 55.73 63.56 4,559.62 24,467.25 219.29 174.36 44.93 3,953.05 606.57 17,160.68
68 119.29 55.88 63.41 4,623.04 24,411.37 219.29 174.81 44.47 3,997.53 625.51 16,985.86
69 119.29 56.02 63.27 4,686.30 24,355.35 219.29 175.27 44.02 4,041.55 644.75 16,810.60
70 119.29 56.17 63.12 4,749.42 24,299.18 219.29 175.72 43.57 4,085.12 664.31 16,634.87
71 119.29 56.31 62.98 4,812.40 24,242.87 219.29 176.18 43.11 4,128.23 684.17 16,458.70
72 119.29 56.46 62.83 4,875.23 24,186.41 219.29 176.63 42.66 4,170.88 704.34 16,282.06
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
73 119.29 56.61 62.68 4,937.91 24,129.80 219.29 177.09 42.20 4,213.08 724.83 16,104.97
74 119.29 56.75 62.54 5,000.45 24,073.05 219.29 177.55 41.74 4,254.82 745.63 15,927.42
75 119.29 56.90 62.39 5,062.84 24,016.15 219.29 178.01 41.28 4,296.10 766.74 15,749.41
76 119.29 57.05 62.24 5,125.08 23,959.10 219.29 178.47 40.82 4,336.91 788.16 15,570.94
77 119.29 57.20 62.09 5,187.17 23,901.91 219.29 178.93 40.35 4,377.27 809.90 15,392.00
78 119.29 57.34 61.95 5,249.12 23,844.56 219.29 179.40 39.89 4,417.16 831.96 15,212.61
79 119.29 57.49 61.80 5,310.91 23,787.07 219.29 179.86 39.43 4,456.59 854.33 15,032.74
80 119.29 57.64 61.65 5,372.56 23,729.43 219.29 180.33 38.96 4,495.55 877.02 14,852.41
81 119.29 57.79 61.50 5,434.06 23,671.64 219.29 180.80 38.49 4,534.04 900.02 14,671.62
82 119.29 57.94 61.35 5,495.41 23,613.70 219.29 181.27 38.02 4,572.06 923.35 14,490.35
83 119.29 58.09 61.20 5,556.61 23,555.61 219.29 181.74 37.55 4,609.62 946.99 14,308.62
84 119.29 58.24 61.05 5,617.66 23,497.37 219.29 182.21 37.08 4,646.70 970.96 14,126.41
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
85 119.29 58.39 60.90 5,678.56 23,438.98 219.29 182.68 36.61 4,683.31 995.24 13,943.73
86 119.29 58.54 60.75 5,739.30 23,380.43 219.29 183.15 36.14 4,719.45 1,019.85 13,760.58
87 119.29 58.69 60.59 5,799.90 23,321.74 219.29 183.63 35.66 4,755.11 1,044.78 13,576.95
88 119.29 58.85 60.44 5,860.34 23,262.89 219.29 184.10 35.19 4,790.30 1,070.04 13,392.85
89 119.29 59.00 60.29 5,920.63 23,203.89 219.29 184.58 34.71 4,825.01 1,095.62 13,208.27
90 119.29 59.15 60.14 5,980.76 23,144.74 219.29 185.06 34.23 4,859.24 1,121.52 13,023.21
91 119.29 59.31 59.98 6,040.75 23,085.43 219.29 185.54 33.75 4,892.99 1,147.76 12,837.68
92 119.29 59.46 59.83 6,100.58 23,025.97 219.29 186.02 33.27 4,926.26 1,174.31 12,651.66
93 119.29 59.61 59.68 6,160.25 22,966.36 219.29 186.50 32.79 4,959.05 1,201.20 12,465.16
94 119.29 59.77 59.52 6,219.77 22,906.59 219.29 186.98 32.31 4,991.36 1,228.42 12,278.18
95 119.29 59.92 59.37 6,279.14 22,846.67 219.29 187.47 31.82 5,023.18 1,255.96 12,090.71
96 119.29 60.08 59.21 6,338.35 22,786.59 219.29 187.95 31.34 5,054.51 1,283.84 11,902.75
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
97 119.29 60.23 59.06 6,397.41 22,726.36 219.29 188.44 30.85 5,085.36 1,312.05 11,714.31
98 119.29 60.39 58.90 6,456.31 22,665.97 219.29 188.93 30.36 5,115.72 1,340.59 11,525.38
99 119.29 60.55 58.74 6,515.05 22,605.42 219.29 189.42 29.87 5,145.59 1,369.46 11,335.96
100 119.29 60.70 58.59 6,573.63 22,544.72 219.29 189.91 29.38 5,174.97 1,398.66 11,146.05
101 119.29 60.86 58.43 6,632.06 22,483.86 219.29 190.40 28.89 5,203.86 1,428.21 10,955.65
102 119.29 61.02 58.27 6,690.33 22,422.84 219.29 190.90 28.39 5,232.25 1,458.08 10,764.75
103 119.29 61.18 58.11 6,748.45 22,361.66 219.29 191.39 27.90 5,260.15 1,488.30 10,573.36
104 119.29 61.34 57.95 6,806.40 22,300.33 219.29 191.89 27.40 5,287.55 1,518.85 10,381.48
105 119.29 61.49 57.80 6,864.19 22,238.83 219.29 192.38 26.91 5,314.46 1,549.74 10,189.09
106 119.29 61.65 57.64 6,921.83 22,177.18 219.29 192.88 26.41 5,340.86 1,580.97 9,996.21
107 119.29 61.81 57.48 6,979.31 22,115.37 219.29 193.38 25.91 5,366.77 1,612.54 9,802.83
108 119.29 61.97 57.32 7,036.62 22,053.39 219.29 193.88 25.41 5,392.18 1,644.45 9,608.95
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
109 119.29 62.13 57.16 7,093.78 21,991.26 219.29 194.39 24.90 5,417.08 1,676.70 9,414.56
110 119.29 62.30 56.99 7,150.77 21,928.96 219.29 194.89 24.40 5,441.48 1,709.29 9,219.67
111 119.29 62.46 56.83 7,207.60 21,866.51 219.29 195.39 23.89 5,465.37 1,742.23 9,024.28
112 119.29 62.62 56.67 7,264.27 21,803.89 219.29 195.90 23.39 5,488.76 1,775.51 8,828.37
113 119.29 62.78 56.51 7,320.78 21,741.11 219.29 196.41 22.88 5,511.64 1,809.14 8,631.96
114 119.29 62.94 56.35 7,377.13 21,678.16 219.29 196.92 22.37 5,534.01 1,843.12 8,435.05
115 119.29 63.11 56.18 7,433.31 21,615.06 219.29 197.43 21.86 5,555.87 1,877.44 8,237.62
116 119.29 63.27 56.02 7,489.33 21,551.79 219.29 197.94 21.35 5,577.22 1,912.11 8,039.68
117 119.29 63.43 55.86 7,545.18 21,488.35 219.29 198.45 20.84 5,598.06 1,947.13 7,841.23
118 119.29 63.60 55.69 7,600.88 21,424.75 219.29 198.97 20.32 5,618.38 1,982.50 7,642.26
119 119.29 63.76 55.53 7,656.40 21,360.99 219.29 199.48 19.81 5,638.19 2,018.22 7,442.78
120 119.29 63.93 55.36 7,711.76 21,297.06 219.29 200.00 19.29 5,657.48 2,054.29 7,242.78
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
121 119.29 64.09 55.19 7,766.96 21,232.97 219.29 200.52 18.77 5,676.25 2,090.71 7,042.26
122 119.29 64.26 55.03 7,821.99 21,168.71 219.29 201.04 18.25 5,694.50 2,127.49 6,841.22
123 119.29 64.43 54.86 7,876.85 21,104.28 219.29 201.56 17.73 5,712.23 2,164.62 6,639.66
124 119.29 64.59 54.70 7,931.54 21,039.69 219.29 202.08 17.21 5,729.44 2,202.11 6,437.58
125 119.29 64.76 54.53 7,986.07 20,974.93 219.29 202.61 16.68 5,746.12 2,239.95 6,234.97
126 119.29 64.93 54.36 8,040.43 20,910.00 219.29 203.13 16.16 5,762.28 2,278.15 6,031.84
127 119.29 65.10 54.19 8,094.62 20,844.90 219.29 203.66 15.63 5,777.91 2,316.71 5,828.19
128 119.29 65.27 54.02 8,148.65 20,779.63 219.29 204.18 15.10 5,793.02 2,355.63 5,624.00
129 119.29 65.44 53.85 8,202.50 20,714.20 219.29 204.71 14.58 5,807.59 2,394.91 5,419.29
130 119.29 65.60 53.68 8,256.18 20,648.59 219.29 205.24 14.04 5,821.64 2,434.55 5,214.04
131 119.29 65.77 53.51 8,309.70 20,582.82 219.29 205.78 13.51 5,835.15 2,474.55 5,008.27
132 119.29 65.95 53.34 8,363.04 20,516.87 219.29 206.31 12.98 5,848.13 2,514.91 4,801.96
Year 11 Completed - Top of Page, Short Cuts
Month Payment Principal Interest Total
Interest
Balance Payment
With Extra
Principal Interest Total
Interest
Interest
Saved
Balance
133 119.29 66.12 53.17 8,416.21 20,450.76 219.29 206.84 12.45 5,860.57 2,555.64 4,595.11
134 119.29 66.29 53.00 8,469.22 20,384.47 219.29 207.38 11.91 5,872.48 2,596.73 4,387.73
135 119.29 66.46 52.83 8,522.05 20,318.01 219.29 207.92 11.37 5,883.85 2,638.19 4,179.82
136 119.29 66.63 52.66 8,574.70 20,251.38 219.29 208.46 10.83 5,894.69 2,680.02 3,971.36
137 119.29 66.80 52.48 8,627.19 20,184.57 219.29 209.00 10.29 5,904.98 2,722.21 3,762.36
138 119.29 66.98 52.31 8,679.50 20,117.60 219.29 209.54 9.75 5,914.73 2,764.77 3,552.83
139 119.29 67.15 52.14 8,731.64 20,050.44 219.29 210.08 9.21 5,923.94 2,807.70 3,342.74
140 119.29 67.33 51.96 8,783.60 19,983.12 219.29 210.63 8.66 5,932.60 2,851.00 3,132.12
141 119.29 67.50 51.79 8,835.39 19,915.62 219.29 211.17 8.12 5,940.72 2,894.67 2,920.95
142 119.29 67.67 51.61 8,887.01 19,847.94 219.29 211.72 7.57 5,948.29 2,938.72 2,709.23
143 119.29 67.85 51.44 8,938.45 19,780.10 219.29 212.27 7.02 5,955.31 2,983.14 2,496.96
144 119.29 68.03 51.26 8,989.71 19,712.07 219.29 212.82 6.47 5,961.78 3,027.93 2,284.14
Year 12 Completed - Top of Page, Short Cuts
Month Payment Principal Interest Total
Interest
Balance Payment
With Extra
Principal Interest Total
Interest
Interest
Saved
Balance
145 119.29 68.20 51.09 9,040.80 19,643.87 219.29 213.37 5.92 5,967.70 3,073.09 2,070.77
146 119.29 68.38 50.91 9,091.71 19,575.49 219.29 213.92 5.37 5,973.07 3,118.64 1,856.85
147 119.29 68.56 50.73 9,142.44 19,506.93 219.29 214.48 4.81 5,977.88 3,164.56 1,642.37
148 119.29 68.73 50.56 9,193.00 19,438.20 219.29 215.03 4.26 5,982.14 3,210.86 1,427.34
149 119.29 68.91 50.38 9,243.37 19,369.29 219.29 215.59 3.70 5,985.84 3,257.54 1,211.75
150 119.29 69.09 50.20 9,293.57 19,300.20 219.29 216.15 3.14 5,988.98 3,304.59 995.60
151 119.29 69.27 50.02 9,343.59 19,230.93 219.29 216.71 2.58 5,991.56 3,352.03 778.89
152 119.29 69.45 49.84 9,393.43 19,161.48 219.29 217.27 2.02 5,993.58 3,399.86 561.62
153 119.29 69.63 49.66 9,443.09 19,091.85 219.29 217.83 1.46 5,995.03 3,448.06 343.79
154 119.29 69.81 49.48 9,492.57 19,022.04 219.29 218.40 0.89 5,995.92 3,496.65 125.39
155 119.29 69.99 49.30 9,541.87 18,952.05 125.72 125.39 0.32 5,996.25 3,545.62 0.00

Loan Paid off in Year 13.

Total Interest Based on 30 Year Loan with No Extra Payment $15,044.10.

Total Interest Saved with Pre-Payment is $9,047.85