Payoff strategy
Extra-payment and amortization calculator
Estimate how an additional monthly principal payment changes payoff time and total interest.
Planning estimate
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How this estimate works
Simulates monthly amortization using a fixed rate and consistent extra principal. It assumes no prepayment penalty and excludes taxes, insurance and servicing timing differences.
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Before you act on the result
This tool is educational and does not evaluate credit, income documentation, assets, reserves, property eligibility, program limits or current pricing. It is not an approval, rate quote, commitment to lend or Loan Estimate. Use current lender terms and verified property information for a real decision.
Frequently asked questions
Do extra payments lower my required payment?
Usually not. They reduce balance and term; a permitted recast is generally needed to lower the required payment without refinancing.
Should I pay debt or invest instead?
Compare guaranteed interest savings with liquidity needs, other debt costs, retirement priorities and investment risk.
How should extra payments be submitted?
Confirm the servicer applies them to principal and that the loan has no relevant prepayment restriction.
Accuracy and licensing noteProgram details vary by borrower, property, location and date. Confirm current LMCU terms, property-state availability, licensing and eligibility before making a financing decision. All loans are subject to credit and property approval.
A clear next step
Your situation deserves more than a generic answer.
Talk through the numbers, timing and tradeoffs with Matt before you commit.