See how much interest you save and how many years you cut by paying extra each month.
Without overpaying
Payoff time25 years 0 months
Total interest$150,754
With overpaying
Payoff time18 years 10 months
Total interest$108,911
Interest saved$41,843
Time saved6 years 2 months
Why overpaying works so well
A normal payment is mostly interest at the start, so only a small slice reduces what you owe. An overpayment is different: every unit of it goes straight against the balance. That removes not just the amount paid, but all the future interest that balance would have generated for the rest of the term.
Before overpaying, check two things: whether your lender charges an early repayment fee, and whether the rate on the loan is higher than what your money would earn elsewhere. If the mortgage rate beats your savings rate, overpaying is usually the better return — and it is a guaranteed one.