Harris County defaults — change any input to match your loan.
Interest saved
$107,675
Paid off earlier
6 yrs 3 mos
New payoff date
May 2050
was Aug 2056
Your mortgage
$345,000
6.500%
30 years
Accelerators
$200/mo
$0
Applied to principal right away.
Balance over time
OriginalWith extra
$345,000
$0
Today30 years
The numbers
Standard payment$2,181/mo
Your payment$2,381/mo
Est. property tax · Harris County 1.77%$509/mo
Payment + taxes (PITI est.)$2,890/mo
Total interest, standard$440,028
Total interest, your plan$332,354
How payoff works
How does paying extra each month pay off my mortgage faster?+
Every dollar above your scheduled payment goes straight to principal, so interest accrues on a smaller balance. That compounds over the life of the loan — a modest extra payment can erase years and tens of thousands in interest.
Will paying extra lower my monthly payment?+
No. Extra principal shortens the loan term, not the required monthly payment. You finish sooner and pay less total interest, but your minimum due stays the same unless you refinance or recast.
Is bi-weekly or a lump sum better?+
Bi-weekly produces about one extra full payment a year. A lump sum applied early removes principal that would otherwise accrue interest for decades. Use whichever fits your cash flow — or both.