Extra mortgage payment calculator
Extra Mortgage Payment Calculator
Estimate how making extra monthly mortgage payments may reduce total interest and shorten your loan payoff time.
How extra mortgage payments work
Extra mortgage payments can reduce the loan balance faster. When the balance decreases faster, less interest may accumulate over time.
Why extra payments can save interest
Mortgage interest is usually calculated based on the remaining loan balance. Paying extra toward principal can reduce that balance and may lower the total interest paid.
Monthly extra payments
Even a small additional monthly payment may shorten the payoff timeline, especially on long-term mortgages with higher interest rates.
Mortgage payoff strategy
Some homeowners make extra monthly payments, one-time lump-sum payments or biweekly payments to reduce the loan balance faster. This calculator focuses on extra monthly payments.
Important note
This calculator provides simplified educational estimates only. It does not include taxes, insurance, PMI, fees, prepayment penalties or lender-specific rules.