mortgage extra payment calculator
add a monthly extra payment and see how many years it takes off the loan and how much interest you keep. the example starts with 200 extra per month.
runs on your device · free · no sign-up
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how to mortgage extra payment calculator
- enter the home price, down payment (in dollars or percent), interest rate and loan term.
- add yearly property tax, insurance, any hoa fees and the pmi rate quoted to you.
- type an extra monthly payment to see how much interest and time it saves.
- tick compare two scenarios to set a second loan, such as 15 years instead of 30.
- read the monthly payment, the balance chart and the amortization schedule, then copy the share link if you want to send it.
with a 320,000 loan at 6.5%, an extra 200 a month cuts about 105,000 of interest and ends the mortgage around 6 years and 7 months early. the saving is large because interest is charged on the balance, and every extra dollar reduces that balance for the rest of the loan.
tell your servicer that extra money should go to principal, since some apply it to the next due date instead. before overpaying, check for a prepayment penalty, and compare the loan rate to what you could earn on savings or what you owe on higher-rate debt.
more ways to mortgage calculator
frequently asked questions
is it better to pay extra every month or one lump sum?
both help. earlier extra money saves more interest, so a lump sum now beats the same total spread over years. regular small extras are easier to keep up, which is why this tool models a monthly amount.
does the monthly payment go down?
no. the required payment stays the same and the loan simply ends sooner. to lower the payment you would need to recast or refinance.
should i pay extra or invest instead?
if your rate is higher than the return you expect after tax and risk, paying extra is a guaranteed return. this tool shows the interest saved so you can compare, but it is not financial advice.