Mortgage Extra Payment Calculator
Enter your current mortgage balance, rate and remaining term, then any extra monthly, yearly or one-time payment. The results compare your loan with and without the extra.
Paid off in 19 years, 6 months · $64,927.56 interest saved See results
The principal balance on your statement.
Paid every 12th payment, the first one 12 months from now.
Month 1 is your next payment.
Monthly payment (principal and interest)
$1,688.02
Time saved
5 years, 6 months
19 years, 6 months instead of 25 years
Interest saved
$64,927.56
$191,477.12 interest instead of $256,404.68
With and without extra payments
| Figure | Without extra | With extra |
|---|---|---|
| Monthly payment | $1,688.02 | $1,888.02 |
| Time to pay off | 25 years | 19 years, 6 months |
| Total interest | $256,404.68 | $191,477.12 |
| Total paid | $506,404.68 | $441,477.12 |
Principal and interest only. Taxes, insurance and mortgage insurance paid through escrow are not included.
- With extra payments
- Without extra
Year-by-year balance on both paths
| Year | Without extra | With extra | Difference |
|---|---|---|---|
| 1 | $245,872.23 | $243,399.41 | $2,472.82 |
| 2 | $241,468.03 | $236,356.79 | $5,111.24 |
| 3 | $236,768.85 | $228,842.50 | $7,926.35 |
| 4 | $231,754.96 | $220,824.96 | $10,930.00 |
| 5 | $226,405.28 | $212,270.48 | $14,134.80 |
| 6 | $220,697.32 | $203,143.09 | $17,554.23 |
| 7 | $214,607.09 | $193,404.40 | $21,202.69 |
| 8 | $208,109.00 | $183,013.51 | $25,095.49 |
| 9 | $201,175.72 | $171,926.71 | $29,249.01 |
| 10 | $193,778.08 | $160,097.42 | $33,680.66 |
| 11 | $185,885.03 | $147,475.91 | $38,409.12 |
| 12 | $177,463.38 | $134,009.11 | $43,454.27 |
| 13 | $168,477.70 | $119,640.43 | $48,837.27 |
| 14 | $158,890.23 | $104,309.43 | $54,580.80 |
| 15 | $148,660.67 | $87,951.68 | $60,708.99 |
| 16 | $137,746.02 | $70,498.41 | $67,247.61 |
| 17 | $126,100.40 | $51,876.29 | $74,224.11 |
| 18 | $113,674.84 | $32,007.00 | $81,667.84 |
| 19 | $100,417.11 | $10,807.04 | $89,610.07 |
| 20 | $86,271.50 | $0.00 | $86,271.50 |
| 21 | $71,178.52 | $0.00 | $71,178.52 |
| 22 | $55,074.75 | $0.00 | $55,074.75 |
| 23 | $37,892.47 | $0.00 | $37,892.47 |
| 24 | $19,559.47 | $0.00 | $19,559.47 |
| 25 | $0.00 | $0.00 | $0.00 |
Starting from your original loan? The mortgage payoff calculator works out today's balance from the amount you borrowed and the payments made.
How we calculate thisYour numbers never leave your device.
This mortgage extra payment calculator compares your mortgage with and without extra principal payments. Enter your current balance, rate and remaining term, then add an extra monthly amount, an extra yearly payment or a one-time lump sum. It shows both payoff dates, the total interest on each path, the time saved and a yearly balance table.
How to use this calculator
- Enter your current balance. Your latest mortgage statement shows the principal balance.
- Enter your interest rate.
- Enter the remaining term. On a 30-year loan you’ve paid for five years, 25 years remain.
- Add an extra monthly payment, the amount you’d add to every payment.
- Add an extra yearly payment. For one extra payment a year, enter your principal and interest payment here.
- Add a one-time lump sum, such as a bonus or an inheritance, and the month you’d pay it.
The figures cover principal and interest only. Taxes, insurance and mortgage insurance paid through escrow are not included.
What the results mean
- Without extra payments
- Your payoff date and total interest if you keep paying the scheduled amount.
- With extra payments
- The same figures with your extra monthly, yearly and lump-sum payments applied to principal.
- Time saved
- The gap between the two payoff dates.
- Yearly balance table
- Your balance at the end of each year on both paths. The with-extra column reaches $0 first, and the gap widens each year.
Worked example
Say you owe $250,000 at 6.5% with 25 years (300 months) left. Paying just enough to finish on time takes $1,688.02 a month, and the remaining interest comes to $256,404.68.
Add $100 a month. You save $37,671.20 in interest and finish 3 years, 1 month early.
Add $300 a month instead. The savings grow to $85,737.22, and you finish 7 years, 4 months early.
Monthly, yearly or lump sum?
All three send money straight to principal, which lowers the interest charged in every month after. The difference is timing. A dollar paid today saves more than a dollar paid next year, because it stops interest for longer. So a lump sum now beats the same amount spread over the year, and extra monthly payments beat one yearly payment of the same total.
Pick the version you can keep up. A fixed monthly extra is easy to automate. A yearly extra fits people whose bonus or tax refund arrives once a year.
Biweekly payments. Paying half your payment every two weeks adds up to 26 half payments, or 13 full payments a year. To model it, enter one principal and interest payment as the extra yearly amount.
Check first
The CFPB says some mortgages have prepayment penalties during the first years of the loan, and your loan documents must disclose them, sometimes only in an Addendum to the Note. Ask your servicer to apply extra payments to principal, not to future payments.
How we calculate this
Both paths start from your current balance and the payment that pays it off over the remaining term, from the standard loan formula. Each month the calculator adds interest at the rate divided by 12, rounded to the cent, and on the with-extra path applies your extra monthly, yearly and lump-sum payments to principal. The final payment is exactly what’s left. See the methodology page.
Related
- Mortgage payoff calculator: start from your original loan terms.
- How to pay off a mortgage in 5 years: the payment that takes.
FAQ
How much faster will I pay off my mortgage with extra payments?
It depends on your balance, rate, time left and the extra. On $250,000 at 6.5% with 25 years left, $100 a month extra finishes 3 years, 1 month early, and $300 finishes 7 years, 4 months early. Enter your own numbers above to see both payoff dates side by side.
What does one extra mortgage payment a year do?
It sends a full payment straight to principal each year, which shortens the loan and cuts the interest on every month that follows. Enter your principal and interest payment as the extra yearly amount above. The results show the new payoff date and the interest saved compared with paying on schedule.
Is it better to make extra payments monthly or once a year?
Monthly saves slightly more, because each dollar reaches principal sooner and stops interest earlier. For the same yearly total, the difference is small. Choose the schedule that fits how you get paid. A steady monthly extra is easy to automate, and a yearly payment works well with a bonus or tax refund.
Should I put a lump sum toward my mortgage?
It depends on your rate, your other debts and your savings. A lump sum toward principal saves interest at your mortgage rate for the rest of the loan. Debt at a higher rate costs you more, so paying that first saves more interest. Enter the lump sum above to see the saving.
Do extra payments lower my monthly mortgage payment?
Not in this calculator. It keeps your scheduled payment the same, so extra payments show up as an earlier payoff date and less interest. Your loan terms decide what your servicer does. If you want a lower payment after a large lump sum, ask your servicer whether it will recalculate the payment and what that costs.