Most mortgages allow you to increase the amount of your monthly mortgage payment or pay a lump sum amount to pay off your mortgage early. This calculator allows you to calculate how much earlier you can retire your mortgage and the effect on the amount of total interest you'll pay. You can enter the loan amount, number of years of the loan, the number of years remaining, and the interest rate. You can opt to increase your monthly payment, make a lump sum payment, or do both. A handy graph is provided which plots the number of years sooner you'll pay off your mortgage over a range of increased payments. You can easily vary any of the parameters to explore different options.

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