Extra Mortgage Payment Calculator
Discover how much interest you save and how many months sooner you pay off your mortgage by adding extra principal payments. Includes a side-by-side payoff chart comparing original vs. accelerated schedules.
How to use this tool
- Enter mortgage balance, annual interest rate, remaining term and extra monthly payment in the fields above.
- Results update instantly as you type — or click Calculate.
- Read your interest saved and the full breakdown beneath it.
Even a small extra monthly payment chips away at your principal faster, reducing the interest that accumulates and shortening your loan. The earlier you start, the larger the effect.
Frequently asked questions
- Should I pay extra principal or invest the money?
- It depends on your mortgage rate vs. expected investment return. If your mortgage rate is higher than after-tax investment returns, paying down debt is the better risk-adjusted move.
- How do I make sure extra payments reduce principal?
- Tell your lender to apply any extra amount to principal, not the next month's payment. Most servicers allow this online or by note on a check.