Clearcoin Plus

Mortgage Payoff AcceleratorPlus preview

Free to try while Plus is in the works — see what else is included.

An extra $100 or $200 a month toward your mortgage principal sounds small, but because it comes off the top before interest accrues, it compounds into years shaved off the loan and thousands saved. This tool runs the actual month-by-month amortization, with and without your extra payment, so you can see the real difference instead of a rough rule of thumb.

Remaining loan balance ($)

Interest rate (annual %)

Remaining term (years)

Extra payment per month ($)

Original payoff time0

New payoff time with extra payments0

Time saved0

Total interest saved$0

This is a planning estimate based on a fixed rate for the full remaining term — it doesn't account for refinancing, rate changes, or extra fees.

How this is calculated

The tool simulates your loan month by month at your current required payment, then reruns the same simulation adding your extra amount directly to principal each month, until each version reaches a zero balance. The difference between the two payoff dates and the two total-interest totals is what your extra payment is actually worth — not an estimate, an exact run of the numbers you entered.

For the broader decision of whether extra payments or refinancing makes more sense right now, see our guide on refinancing your mortgage.