Extra Payment Calculator
Discover how even a small extra monthly payment can dramatically reduce your mortgage term and save you thousands in interest.
Extra Payment Calculator
See how making extra monthly payments can save you time and money
Interest Saved
$105,429
You will pay off your mortgage 6 years and 7 months earlier
| Without Extra | With Extra | |
|---|---|---|
| Monthly Payment | $2,022.62 | $2,222.62 |
| Total Interest | $408,142 | $302,714 |
| Total Paid | $728,142 | $622,714 |
| Payoff Time | 30 years | 23 yr 5 mo |
The Power of Extra Payments
How Extra Payments Work
When you make an extra payment, the entire extra amount goes directly toward your principal balance. This reduces the amount of interest you owe each month going forward, creating a compounding effect that accelerates your payoff timeline significantly.
Small Amounts Add Up
You do not need to make huge extra payments to see results. Even an extra $100 or $200 per month can save you tens of thousands in interest and shave years off your mortgage. The key is consistency over time.
Other Strategies
Beyond regular extra monthly payments, you can also make biweekly payments (26 half-payments per year equals 13 full payments), apply bonuses or tax refunds as lump-sum payments, or round up your payment to the nearest hundred.
Things to Consider
Before making extra mortgage payments, ensure you have an emergency fund, are contributing to retirement accounts, and have paid off higher-interest debt. Check that your loan has no prepayment penalty. The guaranteed return on extra mortgage payments equals your interest rate.
Important Note
This calculator assumes extra payments are made every month starting from the beginning of the loan. Results are estimates and actual savings may vary slightly due to rounding and your specific loan terms. Always confirm with your loan servicer that extra payments are being applied to principal.
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