Extra Mortgage Payment Calculator
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How to Use This Extra Payment Calculator
Enter your loan amount, interest rate, and loan term. Then enter how much extra you plan to pay each month on top of your regular payment. You can also add a one-time lump sum payment. The calculator will instantly show you how much interest you'll save and how many years earlier you'll pay off your mortgage.
Why Making Extra Payments Is So Powerful
Every extra dollar you pay goes directly toward reducing your principal balance — not interest. Because mortgage interest is calculated on your remaining balance, a lower principal means less interest charged every single month going forward. This compounding effect is why even $100–$200 extra per month can save tens of thousands of dollars over the life of a loan.
For example, on a $300,000 loan at 6.5% over 30 years, paying just $200 extra per month saves over $80,000 in interest and cuts nearly 6 years off your mortgage.
Tips for Making Extra Payments
Always mark extra payments as "principal only." When you make an extra payment, tell your lender (or note it in your online portal) that the extra amount should be applied to principal, not prepaid interest or future payments.
Even small amounts make a big difference. You don't need a huge sum — even an extra $50 or $100 per month adds up significantly over 30 years. Use this calculator to see exactly how much your specific amount saves.
Consider a bi-weekly payment strategy. Paying half your mortgage every two weeks results in 26 half-payments per year — the equivalent of 13 full monthly payments instead of 12. This alone can shave years off your loan.