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Mortgage Acceleration Calculator

Mortgage Acceleration Calculator

Calculator developed by

Use our Mortgage Acceleration Calculator to determine how much money you can save and how quickly you can pay-off your mortgage by accelerating a fixed rate loan, or paying more than your required monthly payment. Mortgage acceleration reduces the length of your mortgage which lowers your total interest expense over your loan term. Use our Mortgage Acceleration Calculator to evaluate numerous scenarios and better understand the financial benefits of overpaying your loan.

Watch our Fixed Rate Mortgage Acceleration Calculator "How To" video

Inputs

Indicates the size of mortgage you would like to obtain
Please Enter Mortage Amount
The interest rate you pay on the mortgage
Please Select Interest Rate
The length, in years, of the mortgage. The most common mortgage term is 30 years
Please Enter Mortgage Term (Years)
The date of the first payment of your mortgage. You may input a past date for an existing mortgage. Mortgage payments almost always start on the first of the month
Please Enter Mortgage Start Date
The date when you begin to overpay your mortgage, or pay more than the required monthly mortgage payment. Mortgage payments almost always start on the first of the month
Please Enter Overpayment Start Date
The amount by which you overpay your monthly mortgage payment
Please Amount of Monthly Overpayment
 
Please Enter Your First & Last Name
Please Enter a Valid First Name
Please Enter a Valid Last Name
 
Please Enter Your Phone Number
Please Enter a Valid Phone
Please Enter Your Email
Please Enter a Valid Email
Your credit score to the best of your knowledge
Please Select Credit Score

Outputs

With No Acceleration
With Acceleration
Your required mortgage payment plus the amount of your monthly overpayment
The number of required mortgage payments when you overpay your mortgage. Accelerating your mortgage reduces the number of required monthly payments
Reduction in the required number of monthly mortgage payments when you overpay your mortgage as compared to the required number of mortgage payments when you do not overpay
Total interest expense over the life of the mortgage when you overpay your mortgage. Accelerating your mortgage reduces the total interest expense over the life of the mortgage
Reduction in total interest expense over the life of the mortgage when you overpay your mortgage as compared to total interest expense when you do not overpay
Thank you for submitting your calculation. We may provide your information to a mortgage acceleration program provider. Continue to use the calculator and perform as many calculations as you like as your contact info is only submitted once.

How Our Mortgage Acceleration Calculator Works

To use the calculator input your original mortgage amount, interest rate, loan length, mortgage start date, overpayment start date and monthly overpayment amount. For example, if your required mortgage payment is $900 but the payment you actually make is $1,000, your monthly overpayment amount is $100.  It is also important to highlight that you should input your original loan amount and not your current mortgage balance.

Please note that you can start accelerating your mortgage at any time so your overpayment start date may be different than your mortgage start date.

Based on your inputs, the calculator shows you your estimated required mortgage payment, number of required payments and total interest expense over the life of your loan both with and without acceleration.

The calculator also determines your monthly payment with your overpayment as well as the reduction in the required number of payments and the difference in total interest expense attributable to mortgage acceleration.  These outputs enables you to understand how many payments and how much money you save by overpaying your loan.

For example, a 30 year fixed rate mortgage requires you to make 360 monthly payments (12 payments per year x 30 years).  Depending on your loan terms and the amount of your overpayment, you may reduce the length of your mortgage by several years which also significantly lowers your interest cost, as illustrated by our calculator.

The chart below the calculator illustrates how acceleration reduces the length of your loan and speeds up the paydown of your principal mortgage balance.

What Borrower Should Know About Mortgage Acceleration

1

Mortgage Acceleration Basics

Accelerating your mortgage means paying more than the required monthly payment.  For example, if your required monthly mortgage payment is $1,500, you make a payment of $1,700 with the extra $200 going to pay down the principal balance of your mortgage.  When you accelerate your mortgage you pay off your mortgage faster which shortens the length of your loan and saves you money on total interest expense.  Depending on your mortgage amount and interest rate, accelerating your mortgage by even a small amount such as $100 - $200 per month can shave years off of your mortgage and save you tens of thousands of dollars.

2

When You Can Accelerate Your Mortgage

Borrowers have significant flexibility over when and by how much you accelerate your mortgage.  Simply add the amount by which you want to accelerate your mortgage to your monthly payment and indicate to your lender that the extra money is applied to your principal mortgage balance.  You can accelerate your mortgage by $250 one month and $400 the next month and you can start and stop accelerating your mortgage at any point.  So even if you are twelve years into a 30 year loan you can start accelerating your mortgage and realize the financial benefits.

3

Beware of Mortgage Acceleration Scams

Borrowers do not have to pay any extra fees to accelerate their mortgage.  Some lenders and companies offer mortgage acceleration programs to borrowers for a fee; however, you can accelerate your loan on your own for free.  Most mortgage acceleration companies and programs offer borrowers minimal value.  Additionally, many of these companies have engaged in fraud in the past by not applying the extra payment amount to the borrower's mortgage balance.  Borrowers should research mortgage acceleration programs very carefully and generally avoid them.

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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

More FREEandCLEAR Mortgage Resources

Mortgage Guides

How Mortgage Acceleration Works

Review our comprehensive explanation of how you can apply mortgage acceleration to reduce your mortgage term and save you thousands of dollars in interest expense over the life of your loan

Programs

How to Combine Mortgage Acceleration with a Refinance

Understand how to combine mortgage acceleration with a refinance to cut your mortgage length and interest expense without increasing your monthly mortgage payment

Resources

Mortgage Rates

Compare mortgage rates and fees for leading lenders near you.  Comparing multiple lenders is the best way to find the mortgage with the lowest rate and closing costs

Ask a Mortgage Expert

Ask a Mortgage Expert

Got mortgage questions? We love answering them. Submit your mortgage questions and receive an informative response within 24 hours

Resources

Mortgage Acceleration Example

Review a detailed example of mortgage acceleration including a comparison of an accelerated loan to a loan where the borrower only makes the required payments

Sources

Mortgage Acceleration Scams: https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-mortgage-payment-company-and-servicer-for-deceptive-ads/

About the calculator developer

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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