See how extra payments could change your home loan or mortgage
Compare your current repayment path with regular extra payments, a lump-sum prepayment or an earlier payoff target. Results are educational estimates, not a lender payoff quote.
UNDERSTAND BEFORE YOU MODEL
See why extra principal changes future interest.
New to mortgage prepayments or home-loan part-prepayments? Start with the mechanics, then come back and test your own balance, rate and term.
YOUR LOAN
Model your repayment path
Regular extra / part-prepayments
Keep this off if you do not want a recurring extra-payment scenario.
BALANCE PATH
See how the balance changes over time
Baseline and scenario paths use the same calculation engine as the result cards, CSV and PDF.
REPAYMENT DETAIL
Year-by-year summary
Use the compact annual view first. Expand the complete repayment ledger when you need period-level detail.
| Year | Opening balance | Scheduled repayments | Extra / lump sums | Interest | Principal repaid | Closing balance |
|---|
View full repayment-period breakdown
| Period | Date | Opening balance | Interest | Scheduled | Extra | Closing balance |
|---|
CONNECTED PLANNING
Use the result elsewhere in Carrowmont
Compatible values are shared only when their meaning is clear. Carrowmont does not silently turn a loan balance into an investment or goal.
FAQ
Common questions about paying a loan off early
Does making extra mortgage payments reduce interest?
Under this model, extra principal paid earlier reduces the balance on which later interest is calculated. Your lender's exact timing and product rules can differ.
Is it better to reduce the payment or shorten the loan term after a lump sum?
Carrowmont shows both mathematical outcomes. Keeping the regular payment generally shortens the modelled term; lowering the payment keeps the original payoff horizon in the illustration. Your lender may not automatically recast the loan.
What is the difference between current balance and payoff amount?
A lender payoff amount can include accrued interest and contract-specific administration, discharge or early-repayment charges. Carrowmont does not invent those amounts.
Can my lender charge a prepayment or early repayment fee?
Possibly. Rules depend on country, loan type and contract. Enter any charge you already know and confirm the final amount with your lender.
What lender rules should I check before making extra repayments?
Check whether extra principal is allowed, whether limits or charges apply, how the lender applies the payment and how an official payoff amount is calculated.
How does a target payoff calculator work?
It calculates the repayment required to amortize the modeled balance over the shorter target horizon, then verifies the result with the same period-by-period ledger.
Does Carrowmont assume interest rates stay unchanged?
Yes in V1. Enter the rate you want to model. Variable-rate changes and future fixed-rate renewals are outside this first version.
Can I compare prepaying with investing?
Yes. Keep this payoff calculator focused on loan mechanics, then use Carrowmont's Prepayment vs Investing decision tool for an equal-cash-flow, common-horizon comparison and modeled break-even investment return.
Why might my lender's result differ from Carrowmont?
Lenders may calculate interest daily, use different compounding conventions, apply fees, use settlement dates, round payments, or impose product-specific prepayment rules. Treat Carrowmont as an educational planning estimate.