Mortgage Extra Payment Calculator
See how much time and interest you can save by paying extra toward your mortgage each month.
$
%
$
Interest saved
$105,429
Months saved
79
New payoff time
24 yrs
New total interest
$302,714
Original total interest
$408,142
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Frequently Asked Questions
Does paying extra each month always help?
Extra payments applied to principal reduce the balance faster, shortening the loan term and reducing total interest paid, as long as your loan does not carry prepayment penalties.
Should I check for prepayment penalties before paying extra?
Yes. Some mortgages include prepayment penalties for paying off the loan early. Check your loan terms or ask your lender before committing to a consistent extra-payment strategy.