Extra Mortgage Payment Calculator
See how making extra monthly mortgage payments could reduce your
payoff time and the total interest you pay.
Enter your current mortgage balance, interest rate, remaining term
and the amount you plan to pay extra each month in the white box.
The calculator compares your normal repayment schedule with the
accelerated repayment schedule in the blue box, including the time
and interest you could save.
What to calculate next?
Suggested next step Mortgage Payoff Calculator →Explore the next part of your financial decision.
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How extra mortgage payments can help
Making additional payments toward your mortgage principal can reduce the amount of interest charged over the life of the loan and may allow you to pay off your mortgage earlier.
This calculator provides estimates only. Your actual mortgage terms, payment schedule and lender rules may affect the results.
How do extra mortgage payments save interest?
Additional payments applied to mortgage principal reduce the balance on which future interest is calculated. For example, paying an extra $100 per month means $1,200 of additional principal payments over a year, assuming your lender applies them directly to principal. The resulting interest savings depend on the remaining balance, rate and loan term. Check for prepayment limits or penalties.