Fontenot MortgageOdette Fontenot · Mortgage broker
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The loans

The maths

Odette

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Owning

What does paying extra actually buy?

Paying extra is the only lever on a mortgage that works without anyone's permission. This shows exactly what a given amount buys — in interest saved and in years off the end.

Illustrative only. Every figure is computed in your browser from what you type. Nothing here is a quote, an offer of credit, an APR or a rate lock, and no result is stored or sent anywhere.

The loan

7.25%
360

What you would add

Applied to principal, on top of the scheduled payment.

12

Earlier is worth substantially more than later. The chart below shows how much.

Interest saved

$0

Paid off in
—
Instead of
—
Time removed
—
Total extra paid
$0

What that ratio means

Two balances, side by side

Scheduled payments onlyWith your extra payments

What different amounts would buy

Interest saved and time removed at several monthly extra amounts
Extra each monthPaid off inTime removedInterest savedSaved per dollar added

The last column is the honest measure: how many dollars of interest each dollar of extra payment removes. It falls as the amount rises, which is why the first hundred dollars is worth more than the fifth.

Before you do this.

  • Check the note for a prepayment penalty. Non-QM loans carry them more often than conventional ones, and a penalty can erase several years of this.
  • Tell the servicer the extra is for principal. Unapplied, it can sit as a partial next payment and do nothing.
  • Paying down a mortgage is a guaranteed return equal to your rate. Compare it against any debt you hold at a higher rate before you start.
  • Money paid into a mortgage is hard to get back out. Reserves first, then this.

Ask Odette

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—The other seven

The next step

Numbers are a start. A file is a conversation.

If the calculator says something you did not expect, that is usually worth ten minutes on the phone rather than another hour of typing.

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