Extra Mortgage Payments Calculator
Discover how much interest and time you can save by making extra principal payments on your mortgage.
How to Use This Extra Payments Calculator
Enter your Current Balance, Interest Rate, and Years Remaining to establish your baseline. Then add your Extra Monthly Payment to immediately see your new payoff date and interest savings.
Click More options to add an annual lump sum (great for tax refunds or bonuses) and a one-time immediate principal payment. The calculator combines all three types of extra payments for a comprehensive view of your accelerated payoff.
Getting the Most Accurate Results
Use your remaining balance from your latest mortgage statement (not the original loan amount). Use your years remaining, not your original term. This gives you the most accurate payoff projection based on your current situation.
How Extra Payments Reduce Interest
Every extra dollar paid reduces the balance,
which reduces next month's interest charge,
which means more of the regular payment goes to principal.
Compounding effect: each extra payment accelerates
all future principal reduction.
On a $280,000 loan at 6.75%, the first month's interest is $1,575. After an extra $200 payment, the next month's interest is $1,573 — saving $2. Small individually, but this compounds every month for 20+ years, producing dramatic total savings.
Example: The Power of $200 Extra Per Month
Scenario: $280,000 at 6.75%, 28 Years Remaining
| Base Monthly Payment | $1,816 |
| Extra Monthly Payment | $200 |
| New Monthly Total | $2,016 |
| Original Payoff | 28 years |
| New Payoff | ~22 years |
| Time Saved | ~6 years |
| Original Total Interest | $353,000 |
| New Total Interest | $282,000 |
| Interest Saved | ~$71,000 |
An extra $200/month — about $7/day — saves $71,000 in interest and 6 years of payments. The total extra cost is 22 years × $200 × 12 = $52,800, but the savings more than offset this through eliminated interest.