What Is This For?
A standard 30-year mortgage can feel endless, with a massive portion of your payments going straight to interest. This tool helps you visualize and compare three powerful strategies designed to attack your principal balance, cut down the loan term, and keep that interest money in your pocket.
Boost Loan Plan
The advanced tactic. Take out a smaller, short-term loan (like a personal loan) and apply that lump sum directly to your mortgage. Pay off the small loan, and repeat the process. This creates "shockwaves" that drastically reduce your mortgage principal.
Extra Monthly Payment
The straightforward method. Add a fixed extra amount to your mortgage payment on a regular basis. Every extra dollar goes straight to the principal, acting like a consistent hammer chipping away at your debt.
Extra Yearly Payment
The classic "13th payment" trick. Once a year, you make one full extra mortgage payment. It's a simple, powerful way to accelerate your payoff timeline without changing your monthly budget much.