First Extra Payment

Every extra dollar you pay goes 100% toward principal, not interest. Your first extra payment—even just $100—starts saving you money immediately. A single $250 payment on a $378,000 mortgage at 5.625% saves approximately $457 in interest over the loan's life. That's nearly a 2× return, guaranteed.

Let's make your first extra payment in under 5 minutes.

1

Find the "Make Extra Payment" Card

On your Dashboard, scroll down to the green "MAKE EXTRA PAYMENT" card (below Principal Progress and Monthly Payment cards). Tap + on the card.

2

Open the Extra Payment Form

The app switches to the Payment Schedule tab and an "Extra Payment" form slides up from the bottom. You'll see:

• Banknote icon at top

• Title: "Extra Payment - Accelerate Your Payoff"

• Current month and payment number

• Large currency input field

3

Choose Your First Payment Amount

Start small—we recommend $100–$250 for your first payment.

Two options:

• Tap a quick amount button ($100, $250, $500, $1,000)

• Tap "Custom Amount" to enter your own

The selected button turns slate blue with a checkmark.

Pro tip: Start with $100–$250. You can always add more later!

4

Keep "ONE-TIME" Selected

Leave "ONE-TIME" selected (it's the default). Skip "RECURRING" for now—you'll explore that once you're comfortable with the process.

5

Review Your Impact

The Impact Preview automatically appears showing:

• Interest Saved: Money saved over loan life (~$457 for $250)

• Time Saved: Payoff acceleration (~1 week)

• Total Impact: Combined benefit

These are real calculations based on your actual loan terms.

6

Apply Your Payment

Scroll to the bottom and tap the blue "Apply $XXX" button (shows your exact amount). The form closes automatically—your payment applies immediately!

Success Confirmation

You'll know it worked when:

On Payment Schedule (where you land):

• Current month shows green "+$250" badge

• Remaining balance is lower

Return to Dashboard:

• Monthly Payment Card shows "Extra" segment

• Principal Progress updates with time saved

• Interest Summary increases "Your Savings"

• Debt-Free Countdown shows reduced time

What's Next

Now that you've made your first payment:

• Explore Payment Schedule (Schedule tab) — View your full month-by-month amortization schedule and see how the extra payment reduced future interest

• Try What-If Scenarios (Analytics tab) — Test different strategies before committing. Compare $100/month vs. $500 one-time risk-free

• Set Up Recurring Payments — Once comfortable, automate monthly extra payments. Choose frequency and duration for consistent acceleration

• Track Milestones (Milestones tab) — Watch progress grow and earn badges at 25%, 50%, 75%, and 100% payoff

Tutorial Duration: 3-5 minutes Difficulty: Beginner Last Updated: 2025-10-16 Guide Version: 1.0