Adding extra principal — monthly or via a biweekly schedule — pays your loan off sooner and skips future interest. See exactly how many years and dollars you'd save against the standard schedule.
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Every extra dollar of principal skips all the future interest that dollar would have accrued. On a 30-year loan, even $200 extra a month can save tens of thousands in interest and cut years off the term. Enter your loan above to see your exact savings.
Yes. Paying half your monthly amount every two weeks results in 26 half-payments — equal to 13 monthly payments per year instead of 12. That one extra payment annually goes entirely to principal and typically shaves 4–6 years off a 30-year loan.
They solve different problems. Refinancing lowers your rate; extra payments lower your balance faster at your current rate. If your rate is well above today's, refinancing first and then paying extra compounds the savings.
Sources: Consumer Financial Protection Bureau — paying extra on your mortgage; Standard amortization (annuity) formula.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.