Add an extra amount to every payment and watch the amortization schedule shrink — open the schedule to see the new payoff date.
How the Extra Payment Mortgage Calculator works
The calculator adds your extra amount to every monthly payment; the surplus reduces principal directly, shortening the term and lowering total interest. Open the schedule to see the new payoff.
Example calculation
Adding $200 a month to a $350,000, 6.5%, 30-year loan can shave several years off and save tens of thousands in interest.
Tips for using the Extra Payment Mortgage Calculator
- Clear higher-interest debt before prepaying a mortgage.
- Confirm there's no prepayment penalty.
- Label extra funds 'apply to principal' with your servicer.
Extra Payment Mortgage Calculator — frequently asked questions
- Where should extra money go?
- Pay off higher-interest debt first; mortgage prepayment makes sense when no costlier debt remains.
- Is there a penalty?
- Most modern mortgages have no prepayment penalty, but confirm with your lender.
- Is prepaying a mortgage worth it?
- It guarantees a return equal to your mortgage rate, but only after costlier debt is gone.
- Lump sum or monthly extra?
- Both help; monthly extra is easier to sustain and compounds savings steadily.
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