Recurring and one-time prepayments
Extra Payments
See interest, time and mortgage-insurance saved with monthly, annual and lump-sum extra principal.
$
$
%
$
$
Applied with the 12th payment of each loan year
$
Interest saved
$117,554
+ $4,965 mortgage insurance
Paid off sooner by
5 yr 11 mo
289 payments vs 360
Total extra principal
$57,600
Balance: with vs without extra payments
Extra principal is applied in the same month as the scheduled payment, after that month's interest. Conventional PMI is assumed cancelled on request once the actual balance reaches 80% of original value; FHA MIP follows its scheduled balance and is not shortened by prepayment.