Discover how making extra payments on your mortgage can pay it off years early and save tens of thousands in interest. Whether you are 1 year or 20 years into your loan, extra payments go directly to principal , dramatically cutting the total interest you pay. Enter your current balance, interest rate, remaining term, and how much extra you can pay monthly. The calculator shows your new payoff date, months saved, and exact interest savings. Even $100-200 extra per month on a typical mortgage saves thousands and shaves years off your term.
Enter your details and click Calculate to see results.
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Input your current outstanding mortgage balance, not the original loan amount.
Enter annual interest rate and remaining years left on your mortgage.
How much extra can you add to principal each month? Even $50-100 makes a significant difference over time.
If you have a bonus or windfall to apply now, enter it as a lump-sum payment for immediate impact.
Standard payments split between interest and principal based on the amortization schedule. Extra payments go entirely to principal, reducing the balance faster. Less principal means less interest accrues each month, creating a compounding benefit.
Extra payments early in the loan save significantly more than later payments. Early in a 30-year mortgage, 85-90% of each payment is interest. Extra payments at this stage eliminate the highest-interest periods. At year 25, most payment is already principal, so extras save proportionally less.
An alternative to monthly extra payments: pay half your monthly amount every two weeks. This results in 26 half-payments per year, equivalent to 13 monthly payments instead of 12. One extra monthly payment per year typically saves 4-5 years and thousands in interest.
Not always. Specify that extra payments should be applied to principal only, not advance future payments. Call your servicer to confirm their process, or use their online portal to designate additional principal. Some servicers require a written request or special payment instructions.
