Extra Mortgage Payment Calculator

Use this calculator to estimate how extra mortgage payments can reduce interest and shorten your loan.

What this calculator does

The extra mortgage payment calculator compares the standard mortgage schedule with a schedule that includes an extra monthly principal payment.

It uses:

• loan amount
• annual interest rate
• loan term
• extra monthly payment

Extra Mortgage Payment Formula

Each month, the extra payment is applied to principal after interest is calculated.

Interest Saved = Standard Interest - Interest With Extra Payments

Example calculation

If you have a 300,000 mortgage at 6% for 30 years and add 200 per month, the calculator estimates interest saved and years saved.

When to use this calculator

• planning early mortgage payoff
• comparing extra payment amounts
• estimating interest savings
• deciding whether to prepay or invest elsewhere

FAQs

Do extra mortgage payments go to principal?

They usually should, but you may need to confirm how your lender applies extra payments.