How much do I save by paying a little more?

Any loan — mortgage, auto, personal. Drag the slider, see how far an extra $200, $500 or $1,000 a month takes you. Free interest and shorter horizon, in real time.

01The loan
$
%
mo
02Extra payment
$/mo
$
03 · Side-by-side · with vs without extra
Without extra
$446k
interest paid
Payoff date
Aug 2056
+$200/mo extra
$338k
interest paid
Payoff date
Jun 2050
You save
$108k
less in interest paid
6 yr 2 mo
earlier debt-free
Drag to explore · extra monthly$200 /mo
$0$500$1000$1500$2000
With $200/mo extra — save $108k and finish 6 yr 2 mo sooner.
Required /mo
$2,212
New effective /mo
$2,412
Months saved
74 mo
New payoff
Jun 2050
See balance curves · year table · extra vs invest comparison↓
02 · The two paths

Same loan · the extra changes when the balance hits zero

Without extra
With +$200/mo
Saved
PAID OFF · Y23.8Y30 without extra6yr 2mo SAVED$0k$88k$175k$263k$350ktodayyr 5yr 10yr 15yr 24yr 30
YearBalance · no extraBalance · with extraInterest saved% paid off
Y01$346,088$343,615$108,0972%
Y03$337,460$329,534$108,0976%
Y05$327,638$313,504$108,09710%
Y10$296,716$263,036$108,09725%
Y24$131,603$0$108,097100%
03 · The other option

Pay the loan down — or invest the $200?

Extra payment
Pay $200/mo extra · save $108k interest @ 6.5% APR
Value at year 7
$108.1k
Guaranteed · risk-free · 6.5% effective return
Invest instead
Invest $200/mo in S&P @ 7% · 7 years
Value at year 7
$21.6k
Expected · market risk · taxable gains
The trade-off
Paying the loan wins by $86k — with certainty
The S&P math expects a higher return, but it's not guaranteed. Paying the loan is a certain 6.5% return with zero risk. The right answer depends on your risk tolerance and whether you have an emergency fund first.
Your full mortgage
Mortgage calculator
Run the complete amortization · monthly payment · tax & insurance · the larger picture.
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The alternative
Investment calculator
Compare paying down the loan against putting the same extra into an index fund.
Open ↗
Save your work