What extra monthly payment is needed to pay off my loan by a specific date?

Calculate how to pay off your mortgage by a specific date

Payoff
Extra payment to pay off by a date
How much more per month to be done sooner.
$300,000
6.5%
20 yr
Extra monthly payment needed$341
Required total payment$2,237
Standard payment (30 yr)$1,896
Pay off in20 years
Interest saved$145,821
Paying $2,237/month clears the loan in 20 years instead of 30.
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Estimates for illustration only — not a commitment to lend.

Monthly payments are shown for illustrative purposes only. Other PMI, taxes, insurance, or applicable escrows may apply. Accuracy is not guaranteed and products may not be available for all borrower situations. Illustrative payment amounts assume a borrower(s) with excellent credit. Interest rates and annual percentage rates (APRs) are based on current market rates, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables—call for details. This is not a credit decision or a commitment to lend. Depending on loan guidelines, mortgage insurancemay be required. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Additional loan programs may be available. APR reflects the effective cost of your loan on a yearly basis, taking into account such items as interest, most closing costs, discount points (also referred to as“points”) and loan-origination fees. One point is 1% of the mortgage amount (e.g. $1,000 on a $100,000 loan). Your monthly payment is not based on APR, but instead on the interest rate on your mortgage note.