Finance Calculators
Extra Mortgage Payment Calculator
Find out exactly how much interest and time you save by adding extra payments to your mortgage.
Mortgage Early Payoff Calculator
See how extra payments reduce your interest and payoff time.
This calculator is for educational estimates only and is not financial advice.
Payoff Summary
- Monthly payment (P&I)
- $1,896.20
- With extra payment
- $2,096.20
- Standard Interest
- $382,633.47
- Interest with Extra
- $279,184.67
- Interest Saved
- $103,448.79
- Time Saved
- 6 yr 11 mo
This calculator is for educational estimates only and is not financial advice. Actual lender terms may vary.
The power of extra mortgage payments
Even modest extra payments can produce outsized savings because of how mortgage amortization works. In the early years, most of your payment goes toward interest. Extra payments bypass interest and go straight to principal, which reduces the balance that future interest is calculated on — creating a snowball effect that compounds over the life of the loan.
Frequently asked questions
- How much does an extra $200 a month save on a mortgage?
- On a $300,000 mortgage at 6.5%, adding $200 per month can save over $100,000 in interest and cut roughly 6 years off a 30-year term. Use this calculator to model your exact loan details.
- Should I make extra mortgage payments or refinance?
- If current rates are higher than your existing rate, making extra payments is usually the better move. Refinancing at a lower rate can also help, but factor in closing costs and the reset of your amortization schedule.
- Can I make a one-time lump sum payment on my mortgage?
- Yes, most mortgages allow lump-sum payments. This calculator models recurring extra monthly payments, but a lump sum has a similar effect — it reduces your principal immediately, which lowers future interest charges.