Mortgage lump sum calculator
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%
An example. Your lender sets the real rate.
years
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Interest saved by $10,000 at the end of year 1
$50,537
And the loan finishes 2 yr 5 mo early. The monthly payment does not change.
| Paid at the end of year | Interest saved | Finishes early by |
|---|---|---|
| 1 | $50,537 | 2 yr 5 mo |
| 5 | $37,546 | 1 yr 11 mo |
| 10 | $24,976 | 1 yr 5 mo |
| 15 | $15,616 | 1 year |
| 20 | $8,698 | 9 months |
| 25 | $3,614 | 6 months |
The same amount paid at different points in the same loan. It assumes the whole sum goes against principal on the day, with no fee for paying early; some lenders charge one or apply extra money to the next instalment instead. It does not count what the money could have earned elsewhere, and it does not say whether to pay a mortgage down.