How much can I save by increasing my mortgage payment?
Learn how much you could you save on interest by increasing your monthly mortgage payment. Plus, understand how much faster you can pay off your mortgage with extra principal payments. Just enter information about your term, years remaining, original mortgage amount, and how much you'll increase your monthly payments.
Paying Extra Toward Your Mortgage Principal
What is the difference between interest and principal on my mortgage payment?
The principal is the amount you borrow from your lender to cover the purchase of your home. The interest is the cost of borrowing that money from the lender.
What happens when I pay extra on my mortgage payment?
When you pay more than you owe on your monthly mortgage payment, the amount goes toward your principal. This will help you pay off your mortgage faster and decrease the overall amount of interest you pay on your loan.