Additional Mortgage Payment Calculator
You can shorten the length of your mortgage and save on interest if you pay extra toward your principal each month. This additional mortgage payment calculator will help you see how much you could save in the long run.
This calculator is for general education purposes only and is not an illustration of current Navy Federal products and offers.
How Do I Pay Off My Mortgage Early?
From adding a little extra to your principal payment every month to refinancing your loan to a shorter term, here are some ways you can pay off your mortgage early:
Budget Easy Pay
Split your monthly amount due into smaller, more frequent payments. There is no set-up fee.
One-Time Payments
Make an additional payment to principal anytime by signing in to our mobile app* or online banking. Select your mortgage and click Make a Payment.
Refinance
Refinance your mortgage to a shorter term. For example, if you have a 30-year loan, refinance to a 15-year term.
Frequently Asked Questions
How do Budget Easy Pay (bi-weekly) payments differ from a regular payment?
With bi-weekly payments, you'll split your monthly payment into bi-weekly half-payments due on the weekday of your choosing. After we receive the second half-payment, we'll apply the full amount collected to your monthly mortgage balance due. With this plan, you'll have 26 half-payments during the year. Two of those payments will be applied toward your loan's principal, which will help you pay off your loan faster and save on interest.
What is a recurring extra payment?
A recurring extra payment is when you pay extra toward the principal on your mortgage every month. Paying extra toward your principal can be a great way to shorten the length of your loan and help you save on interest.
What is a principal-only payment?
A principal-only payment is an extra one-time payment applied directly to your mortgage loan principal amount. If you choose to make a principal-only payment, you could save on interest and pay off your mortgage early.
More About Mortgages
Find the Best Mortgage for You
Our great mortgage rates will bring you home. We've got options for military members, first-time homebuyers or those looking to finance.
Learn more about the mortgages available from Navy Federal
Make Sense of Home Buying
Get clear, step-by-step information on the home-buying process, from understanding mortgages to homeowner essentials.
Learn more about the home-buying process
Mortgage Calculators
From estimating closing costs to deciding how much home you can afford, our calculators can help you make decisions about your mortgage.
Disclosures
This content is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.