Mortgage Calculator With Extra Payments

See how paying extra shortens your mortgage. Enter your loan balance, rate, and term, then add an extra monthly payment or a one-time lump sum to see your new payoff time and interest saved — free, with the exact date and full schedule a click away.

Your loan

A single lump sum applied now.

Standard payment (P&I): $1,896.20/mo

With extra payments

New payoff time

23 yr 1 mo

6 yr 11 mo sooner

Interest saved

$103,449

Free — unlock full results

Unlock your full payoff plan — free

Enter your email to reveal your exact debt-free date and the complete month-by-month schedule with extra payments applied.

No spam. Unsubscribe anytime. We only use your email to send your results and occasional payoff tips.

Why extra payments work

Mortgages are front-loaded with interest. In the early years, the majority of each payment covers interest rather than reducing what you owe. When you add an extra payment that goes entirely to principal, you permanently remove that amount from the balance — and all of the future interest it would have generated. That is why even modest extra payments have an outsized effect on your payoff date and total interest.

This calculator derives your standard principal-and-interest payment from your balance, rate, and term, then runs two amortization schedules side by side: one with your normal payment and one with the extra amounts applied. The difference is the time and interest you save.

Ways to make extra payments

There is no single right way to pay extra — the best method is the one you will actually stick to. Common approaches include:

  • A fixed extra amount each month. Add the same dollar amount to every payment so the savings compound steadily and predictably.
  • Biweekly payments. Pay half your payment every two weeks to make 13 full payments a year instead of 12, without feeling a large monthly hit.
  • One-time lump sums. Direct tax refunds, bonuses, or inheritance windfalls straight at the balance. The earlier the lump sum lands, the more interest it wipes out.
  • Rounding up. Round each payment up to the nearest hundred so the extra goes to principal almost painlessly.

Pros and cons of paying extra

Benefits

  • Shortens your loan by years and cuts total interest.
  • A guaranteed return equal to your mortgage rate.
  • Flexible — pay extra only when it suits your budget.
  • Builds home equity faster.

Trade-offs

  • Money in equity is less liquid than cash savings.
  • Your required monthly payment does not go down.
  • Investing may beat a low mortgage rate over the long term.
  • A few loans carry a prepayment penalty — confirm first.

Tips for making extra payments count

  • Specify “principal only.” Tell your servicer to apply extra amounts to principal, or they may credit your next scheduled payment instead.
  • Pay extra early in the loan. Extra principal saves the most interest in the early, interest-heavy years of the mortgage.
  • Cover the essentials first. Fund an emergency reserve, capture any employer retirement match, and pay off higher-interest debt before accelerating a low-rate mortgage.

Frequently asked questions

How much do extra payments save on a mortgage?
It depends on your balance, rate, and how much extra you pay, but the effect is large because every extra dollar goes straight to principal and stops accruing interest for the rest of the loan. On a typical 30-year mortgage, an extra $200 a month often removes several years from the term and saves tens of thousands in interest. Enter your numbers above to see your exact savings.
Is it better to make extra monthly payments or one lump sum?
Both help, and you can do either or both here. A one-time lump sum gives an immediate balance reduction, while consistent extra monthly payments compound over time. Generally, applying money sooner saves more interest, so an early lump sum plus ongoing extra payments is the most powerful combination.
Will my lender apply extra payments to principal?
Usually yes, but you often need to specify that the extra amount is 'principal only.' Otherwise some servicers apply it to future payments or escrow. Check your servicer's instructions so your extra payments actually reduce your balance, which is what this calculator assumes.
Are there downsides to paying my mortgage off early?
A few to consider: make sure you keep an emergency fund, that you're capturing any employer retirement match first, and that your loan has no prepayment penalty. If your mortgage rate is low, investing the extra money might earn more than the interest you'd save — this calculator helps you compare by showing the guaranteed interest savings.
How do biweekly payments compare to making one extra payment a year?
They are very similar. Paying half your monthly payment every two weeks produces 26 half-payments — the equivalent of 13 full payments — per year, which is one extra payment annually. You can achieve the same result by simply dividing one monthly payment by 12 and adding that amount to each month's payment. Both approaches send roughly one extra payment to principal each year and shorten your loan by several years on a typical 30-year mortgage.
Will extra payments lower my monthly payment?
No. Extra principal payments shorten the term and reduce total interest, but your required monthly payment stays the same — you simply finish paying sooner. If you want a lower monthly payment instead, you would need a mortgage recast (which re-amortizes a lump sum over the same term) or a refinance. Use the recast calculator to compare that option.
Do I need to pay the same extra amount every month?
Not at all. Any extra you pay reduces principal and saves interest, whether it is a consistent amount every month, an occasional payment, or a one-time lump sum. Consistency simply makes the savings larger and easier to plan. This calculator lets you model a recurring extra amount, a one-time lump sum, or both so you can see the impact of whatever fits your budget.
How does this extra payment calculator work, and is it free?
It derives your standard principal-and-interest payment from your balance, rate, and term, then runs two amortization schedules side by side — one with your normal payment and one with your extra amounts applied — and reports the difference in payoff time and total interest. The headline results are free and instant; entering your email unlocks your exact payoff date and full schedule at no cost.