Mortgage Extra Payment Calculator
Calculate time and interest savings from making extra principal payments on your mortgage
About this calculator
The Mortgage Extra Payment Calculator helps homeowners determine how much time and money they can save by making additional principal payments toward their mortgage. By inputting your current loan details and proposed extra payment amounts, you can see the dramatic impact of prepayments on your total interest costs and loan duration. This powerful tool enables you to make informed decisions about mortgage acceleration strategies and visualize the long-term financial benefits of paying down your home loan faster.
How to use
Enter your current mortgage balance, interest rate, remaining loan term, and monthly payment amount. Then input your proposed extra payment amount, whether monthly, annually, or as a one-time payment. The calculator will instantly show you how much interest you'll save and how many years you'll cut from your mortgage term.
Frequently asked questions
How much can extra payments really save me?
Extra payments can save thousands in interest and reduce loan terms by several years, depending on your loan balance and payment amount.
Should I make extra payments monthly or annually?
Monthly extra payments typically provide greater savings than annual payments due to more frequent interest reduction throughout the year.
Is it better to make extra payments or invest the money?
Compare your mortgage rate to potential investment returns. If investments exceed your mortgage rate, investing might be more beneficial.