Extra Mortgage Payment Calculator
See how extra monthly mortgage payments save you years and thousands in interest.
Enter loan details and extra payment amount.
Extra Payment Impact
Extra mortgage payment savings:
Making extra payments reduces your principal faster, which means less interest accrues each month.
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]
Where P = principal, r = monthly rate, n = total payments.
Example: On a $300,000 loan at 6.5% for 30 years:
- Normal payment: $1,896/month
- Add $200/month extra → save $82,000 in interest and pay off 5 years early
- Add $500/month extra → save $148,000 in interest and pay off 10 years early
Strategies:
- Round up your payment to the next $100
- Make one extra payment per year (bi-weekly payments achieve this)
- Apply bonuses or tax refunds to principal
- Even $50–$100 extra/month makes a big difference over time