Finance Tools
Mortgage Extra Payment Calculator
See how extra mortgage payments can reduce your payoff time and total interest. Compare your current schedule vs. extra payments.
Inputs
Compare your current payoff schedule vs. paying extra each month.
$
%
years
$
Results
Estimated Monthly Payment (P&I)
$1,798.65
Time Saved
6 years 9 months
Interest Saved
$91,173.43
Baseline (No Extra)
Payoff time: 30 years
Total interest: $347,514.57
With Extra Payment
Payoff time: 23 years 3 months
Total interest: $256,341.13
Note: This is an estimate and assumes a fixed interest rate and consistent monthly payments.
How to use this mortgage extra payment calculator
- Enter your current mortgage balance (loan amount).
- Enter your annual interest rate (APR).
- Enter your remaining loan term (years).
- Enter your extra payment amount (monthly).
- Click Calculate to compare payoff time and interest with vs. without extra payments.
Example
For example, if your balance is $300,000 at 6% APR with 30 years remaining and you pay an extra $200 per month, this calculator will show:
- How many months/years sooner you can pay off the mortgage.
- How much total interest you can save.
- A side-by-side summary of baseline vs. extra payment scenario.
More tools in Finance Tools
- Loan Payment Calculator
Calculate monthly payment for a fixed-rate loan.
- Mortgage Calculator
Estimate your monthly mortgage payment based on loan amount, interest rate, and term.
- Home Affordability Calculator
Estimate how much house you can afford based on your income, debts, and loan terms.
- Amortization Calculator
Generate a full amortization schedule with monthly principal and interest breakdown.