Mortgage
Extra Payment Mortgage Calculator
See how much interest you can save and how many years you can cut off your mortgage by adding an extra amount to each monthly payment.
Add an extra monthly amount to your mortgage and see the new payoff date plus the total interest you avoid over the life of the loan.
Mortgage
Try the calculator
Scenario presets
Quick compare
Example
Adding a few hundred dollars a month can shave years off a 30-year mortgage and save tens of thousands in interest.
Results
Interest saved
$140,956
Time saved
8 years 2 months
New payoff time
21 years 11 months
Projection
Trend view
Milestones
Decision cues
Breakdown
Cost mix
Result reading
The visual trend is moving down, with an approximate change of -$352,192 across the period shown.
Planning cue
Use the output as a scenario test rather than a promise. Small input changes can materially change the result.
Assumes the extra amount is applied to principal every month for the life of the loan.
How it works
What the result is showing you
These sections explain what the calculator measures, which assumptions matter most, and where the number can be misleading.
Why extra payments work so well
Every extra dollar goes straight to principal, which immediately reduces the balance that interest is charged on. That lowers next month's interest, so each extra payment quietly makes the following payments more effective too.
Time saved versus interest saved
Extra payments produce two wins at once: the loan ends sooner and the total interest drops. The earlier in the loan you start adding extra, the larger both effects become because there is more balance and more time for the savings to compound.
Make sure it fits the plan
Paying a mortgage down early is powerful, but it locks money into the home. Keep an emergency fund and weigh higher-interest debt or employer retirement matches before committing every spare dollar to the mortgage.
FAQ
Frequently asked questions
Quick answers to the questions people ask most about this calculator.
Is it better to pay extra monthly or make one lump sum?
Both help. Consistent extra monthly payments are easy to automate and start saving interest right away, while a lump sum makes a large one-time dent. Starting earlier matters more than the exact method.
Should I pay off my mortgage early or invest?
It depends on your mortgage rate and risk tolerance. Paying extra is a guaranteed return equal to your rate, while investing may earn more but carries risk. Many people do some of both.
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