Rocket Mortgage data shows 1 in 4 homeowners make extra annual mortgage payment, cutting payoff by nearly six years

Rocket Companies analysis found about 25% of Rocket Mortgage clients made at least one extra principal payment each year.

• Average extra contributions equaled about one additional monthly payment annually, cutting some payoff timelines by nearly six years.
• At a 6.67% rate, a $221,977 30-year fixed mortgage could save about $68,000 in interest with one extra payment yearly.
• Slightly more than two extra monthly payments a year could accelerate payoff by about 10 years.
• Borrowers with 2020-2022 ultra-low rates were more likely to prepay; higher-rate 2023-2025 borrowers prepaid less often but in larger amounts.