Mortgage Prepayment & Lump Sum Calculator
See what paying a little extra does to your mortgage — how much interest you save, and how much sooner you are mortgage-free.
$
%
years
Your prepayments
$
$
Prepaying saves $42,402 in interest and clears your mortgage 3 years and 2 months sooner.
Interest you would save
$42,402
Paying $200.00 extra each payment clears your mortgage 3 years and 2 months sooner.
- Time to mortgage-free now
- 21 years, 10 months
- Without prepayments
- 25 years
- Total interest with prepayments
- $254,036
- Total interest without
- $296,437
No prepayments$296,437
With your prepayments$254,036
Years
Check your prepayment privileges first
Prepayment limits are set by your mortgage contract, not by law. Most allow 10–20% of the original principal per year plus the ability to increase your regular payment, but exceeding your privileges triggers a penalty. Confirm yours before making a large lump sum.Assumes your rate holds for the full amortization and that extra principal is applied immediately after each scheduled payment. Clover Mortgage Inc. is a licensed mortgage brokerage. This calculator provides estimates for information only and is not an offer of credit, an approval, or financial advice.
Every mortgage is different. A Clover Mortgage broker can confirm what you actually qualify for across more than 50 lenders — at no cost to you.
Interest you would save
$42,402
Common questions
- How much can I prepay?
- Prepayment privileges are set by your mortgage contract, commonly 10% to 20% of the original principal each year plus the ability to increase your regular payment. Exceeding your privileges triggers a penalty, so check your contract before making a large lump sum.