Early Mortgage Payoff Calculator

Savings over time

Adjust the slider to see how much time and money you'll have saved by that point in your loan's term.

YEAR:

Using the loan and extra payment details you entered, we calculateCiti calculates your interest and time savings by comparing the amortization schedule in two scenarios: one with extra payments and the other without. This will show you exactly what you'll save when you make extra payments toward your loan.

Amortization is the process of paying a loan off over time. At first, a larger portion of your monthly payment goes toward paying interest, rather than principal. Making extra payments pays down the principal so that you're accruing interest on a smaller remainder of the loan for the rest of the term. This helps you pay off your loan faster and save you money over the life of your loan.