Mortgage Acceleration Calculator
The Mortgage Acceleration Calculator shows how much time and interest you save by adding an extra amount to each monthly mortgage payment. Enter your loan balance, rate, term, and extra monthly payment.
Formula
Compare amortisation with and without an extra monthly payment; savings = base interest − accelerated interest
- Adding to each payment reduces principal faster, cutting both the term and total interest.
- Even a small extra amount can save years of payments on a long loan.
Rs 5,000,000 at 12% for 20 years, +Rs 10,000/mo
Inputs
- Loan Balance: 5000000 Rs
- Annual Interest Rate: 12 %
- Loan Term: 20 yrs
- Extra Monthly Payment: 10000 Rs
The extra Rs 10,000 each month shortens the term and saves a large amount of interest over the life of the loan.
Frequently asked questions
Does paying extra on my mortgage really help?
Yes. Extra payments go straight to principal, so you owe less interest every month and pay the loan off sooner.