Mortgage Extra Payment Calculator
See how extra payments reduce your loan term and save you thousands in interest.
Calculated monthly P&I: $2,363 — verify this matches your statement
Time Saved
5y 9m
with $300/mo extra payment
Interest Saved
$95,525
Extra Paid
$69,000
Net Benefit
$26,525
Remaining Balance Over Time
Shows how extra payments accelerate principal paydown.
Mortgage Details
Monthly P&I Payment
$2,661.21
Loan Term
360 months (30 years)
Month 1 of your loan
Payoff Date
Scenario A
January 2054
Scenario B
April 2048
Total Months
Scenario A
360
Scenario B
291
Total Interest
Scenario A
$558,036
Scenario B
$431,418
Extra Payments
Scenario A
$0
Scenario B
$58,000
Scenario Comparison
Shows remaining principal over time for each scenario.
Detailed Comparison
| Metric | Scenario A | Scenario B | Difference |
|---|---|---|---|
| Monthly Payment (Base) | $2,661.21 | $2,661.21 | — |
| Total Months to Payoff | 360 | 291 | 69 months |
| Total Interest Paid | $558,036 | $431,418 | $126,617 |
| Total Extra Payments | $0 | $58,000 | $58,000 |
| Total Amount Paid | $958,036 | $831,418 | $126,617 |
| Payoff Date | January 2054 | April 2048 | — |
Understanding Extra Principal Payments
Making extra principal payments on a mortgage can reduce the total interest paid and shorten the loan term. Every extra dollar goes directly toward reducing the principal balance, which means less interest accrues in future months.
Stacking payments: When multiple extra payment periods overlap, they combine together. For example, a $200/month extra payment from months 1–24 and a $100/month extra payment from month 1 until paid off results in $300 extra during months 1–24, then $100 extra thereafter.
Early vs. late payments: Extra payments made early in the loan term tend to have a greater impact because they prevent more interest from accumulating over time.
About This Analysis
This calculator provides estimates based on the inputs you supply. It assumes standard amortization and does not account for taxes, insurance, PMI, prepayment penalties, or the opportunity cost of funds. Results are for informational and educational purposes only and should not be considered financial advice. Consult a qualified professional before making financial decisions.
- ·Assumes a fixed interest rate for the full loan term.
- ·Does not account for taxes, insurance, or PMI.
- ·Actual results may vary based on lender policies and payment processing.
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Also Consider
Quick Reference
- Closing Cost BreakdownTypical fees and who pays what
- PMI Thresholds & RatesWhen PMI applies, typical rates, removal rules
- Conforming Loan Limits2025 limits by county (FHA, conventional, jumbo)
- Current Mortgage Rates30-year, 15-year, ARM averages by credit score
- Mortgage Tax DeductionsWhat's deductible, limits, phase-outs
- Property Tax Rates by StateAverage effective rates and exemptions
Insights
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