Extra Mortgage Payment Calculator
Estimate interest and time saved by making extra mortgage payments.
- Last reviewed
- August 26, 2026
- Cost
- Free to use
- Data
- Runs in your browser
- Reviewed by
- Anton Jonson
Extra Mortgage Payment Calculator
Methodology
How this calculator handles inputs
This calculator uses the values you enter above and applies the formula explained in the guide below. Results update in the browser and are intended for quick planning, comparison, and sanity-checking.
- Use consistent periods, currencies, and units across inputs.
- Review any assumptions before using the result in a decision.
- Recalculate when rates, prices, tax rules, or business terms change.
Important note
This tool provides general planning information only. It is not tax, legal, financial, accounting, or investment advice. Check the current rules for your location and speak with a qualified professional before making a high-stakes decision.
Guide
How it works
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.
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