Mortgage Extra Payment Calculator
Estimate interest savings and payoff time from making extra mortgage payments.
How this calculator works
How to use this calculator
Enter your current mortgage balance, interest rate, remaining term, and extra monthly payment. The calculator estimates the payoff time and interest savings.
Formula used
The calculator first estimates the regular monthly mortgage payment using the amortization formula. Then it simulates the loan month by month with and without the extra payment.
Example calculation
For a $250,000 balance at 6% with 25 years remaining, adding $200 per month can reduce payoff time and save interest compared with the regular payment schedule.
What the result means
The result estimates how extra monthly payments may shorten the mortgage and reduce total interest. Actual results can vary depending on loan terms, fees, payment timing, and lender rules.
Frequently asked questions
Does this include taxes and insurance?
No. It focuses on principal and interest.
Should I check with my lender first?
Yes. Confirm how extra payments are applied and whether any prepayment rules apply.
Does the calculator assume the extra payment goes to principal?
Yes. It assumes the extra amount reduces principal each month.