MORTGAGE OVERPAYMENT CALCULATOR
Find out exactly how much time and money you save by making extra payments on your house. Use our smart tips below to see how small changes can shave years off your loan.
Your Loan
This automatically adds $0 to your Extra Monthly Payment.
Watch how a single daily coffee costs you years of your life!
Your Massive Savings
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How to pay off a 30 year mortgage in 15 years
The Daily Coffee Reality Check
This is our special market-gap tool. Does buying a $5 coffee really matter? Yes! By clicking the "Coffee Strategy" switch on our calculator, we add $150 to your extra monthly payment. Watch in shock as skipping a simple daily coffee literally shaves 4 to 5 years off your entire mortgage and saves you tens of thousands of dollars.
The 13th Payment Strategy
What if you make one extra payment a year? This is known as the bi-weekly payment strategy. By turning this switch on, our calculator automatically takes your monthly payment, divides it by 12, and adds it to your overpayment. You won't even feel the money leaving your bank, but it destroys the bank's interest charges.
Does making one extra mortgage payment a year help?
Yes, it helps massively. Because home loans are usually 30 years long, the banks charge you insane amounts of compound interest. By making just one extra payment a year, all of that money goes straight to the principal (the actual house). This single strategy usually cuts 4 to 6 years off your loan entirely!
Should you overpay your mortgage or invest?
This is the big question. Overpaying your home loan gives you a 100% guaranteed return equal to your interest rate (e.g. 6.5%). Investing in the stock market might give you 8% to 10%, but it is risky. Most experts suggest a mix of both: make a small overpayment for peace of mind, and invest the rest.