Man up and make a commitment to beef up your credit card payments. How to pay off a loan faster. Mortgage Payment Predictor Use our Mortgage Payment Predictor to predict how changes to interest rates will affect the monthly payment and total costs of your mortgage. ... Then, once the higher-interest credit balances are paid off, redirect those debt payments to paying off your mortgage… Tap the "Calculate [Mortgage Extra Payment] Savings" button. Our Loan Payoff Calculator shows you how much you might save if you increased your monthly payments … The first rule of overpaying is to speak to the lender to ensure that any extra money you send comes off the principal debt, and not the interest. Bi-weekly payments are another popular way to pay extra on a mortgage. It's a scary thought, but you may never be able to pay it off at that rate. When you pay the minimum required monthly payment, typically about two percent of the outstanding balance, you're not even making a dent in the total amount. Mortgage Payment Holiday Calculator Calculate the new remaining balance and adjusted monthly payments if you take a payment holiday from your mortgage. Given that there are 12 months and 52 weeks in a year, paying 26 bi-weekly payments is like paying 13 monthly payments, with the 13th payment … Step #9: If you would like to print a copy of the calculated results, tap the "Printer Friendly Report" button. So if you have the ability to pay an extra $1,200 today, or stretch it out to an extra $100 per month you are better off paying the $1,200 today to immediately lower your balance. Paying off the principal is key to shortening a loan. But if you have $200 saved up today and can save $100 a month it wouldn't make sense to wait 10 months to add $1,200 to a mortgage payment.