Mortgage

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Extra Payment Calculator

See how extra mortgage payments save years and thousands in interest. Calculate your savings now.

Quick Answer

Extra mortgage payments go directly to principal, reducing total interest dramatically. Even $100/month extra can shave years off your loan and save tens of thousands in interest. See exactly how much you'll save.

Results update automatically as you type

Loan Details

Loan Amount

Interest Rate

Loan Term

Extra Monthly Payment

Interest Saved

$105,429

26% savings

Time Saved

6.6 yrs

79 months

Payoff Time

23.4 yrs

vs 30 years

New Payment

$2,223

Comparison

Without Extra Payments

Monthly$2,023

Term30 years

Total Interest$408,142

With Extra Payments

Monthly$2,223

Term23.4 years

Total Interest$302,714

Pro Tips

•Run multiple scenarios with different values to understand your options
•Bookmark or share your results to reference later
•Check the FAQ section below for answers to common questions

Common Mistakes

•Not accounting for inflation over long time periods
•Forgetting to include all relevant fees and costs
•Using estimates when actual numbers are available

What's Next?

Mortgage Guide

Learn more about mortgage strategies

Related Calculators

Explore more tools for your financial planning

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Sources & Accuracy

Last updated: January 15, 2025

Reviewed by: CalcGrid Editorial Team

Data Sources:

Consumer Financial Protection Bureau(2025)

Learn more about how we calculate and our editorial standards.

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