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This calculator is created to serve as an example only. The provided values for interest rates are examples only and do not reflect Churchill Mortgage Product terms & offers. Additional costs can factor into your loan and affect the timeline presented here. Talk to a Churchill Home Loan Specialist to learn more.
How do extra payments help me pay off my mortgage early?
When you make an extra payment, the money goes straight to the loan’s principal, not interest.
That means you owe less overall, which shortens your loan and saves you money. Even a small extra payment each month can make a big difference over time.
Can I pay off my loan early without penalty?
Most home loans today don’t have prepayment penalties, but it’s always good to check with your lender first.
A Churchill Home Loan Specialist can help you review your loan and make sure you’re in the clear.
How much money can I save by paying early?
That depends on your loan amount, interest rate, and how often you pay extra.
This calculator shows you how much interest you can save, and how many years you can shave off your loan, just by adding a little more along the way.
Do I need to tell my lender when I make an extra payment?
Yes, and this part is important.
When you make an extra payment, you should tell your lender to apply it toward the principal only.
That way, it goes straight to lowering what you owe, not just covering your next payment.
Should I pay off my mortgage early or save the extra money?
That depends on your goals.
Paying off your mortgage early can bring peace of mind and save interest, but sometimes it’s better to build savings or pay off other debts first.
The calculator helps you see the benefits, and we’re here to help you think through what’s best for your future.
This is the amount you pay each month for your home loan. It usually includes loan principal, interest, taxes, and insurance. It’s your regular payment, but you can always choose to pay extra if you want to pay off your loan faster.
Extra Payment
An extra payment is any money you choose to pay on top of your regular monthly mortgage. It goes straight toward your loan’s principal, which helps lower what you owe and cuts down the interest you’ll pay over time. Even small extra payments can make a big impact.
Interest
Interest is the cost you pay to borrow money from your lender. It’s a percentage of your loan that gets added to your monthly payment. The longer you take to pay off your loan, the more interest adds up. That’s why early payoff saves money.
Interest Rate
This is the percentage the lender charges you for the loan. It helps decide how much interest you’ll pay over time. A lower interest rate means lower monthly payments and less total interest.
