Extra Mortgage Payment Calculator
See how many years and how much interest an extra monthly payment saves.
Enter your values
Enter the current balance in $.
Enter the interest rate in %.
Enter the years remaining in years.
Enter the extra per month in $.
Results update instantly as you type — no submit needed. Your values are remembered on this device, and the shareable link reopens the calculator with exactly these numbers.
- Interest saved
- $86,232.96
- New payoff time
- 22 yr 3 mo
- Time saved
- 7 yr 9 mo
- New monthly payment
- $1,698.88
Quick answer
Extra monthly payments go entirely to principal, shortening the term and removing all future interest that the balance would have earned.
At a glance
| What it does | See how many years and how much interest an extra monthly payment saves. |
|---|---|
| Category | Finance |
| Inputs needed | Current balance, Interest rate, Years remaining, Extra per month |
| Main output | Interest saved |
| Cost | Free — no sign-up, no download |
How to use the Extra Mortgage Payment Calculator
- 1Enter your current balance, rate and years left.
- 2Enter the extra amount you can add monthly.
- 3Read the interest and time saved.
Inputs explained
- Current balance($)
- Enter the current balance in $.
- Interest rate(%)
- Enter the interest rate in %.
- Years remaining(years)
- Enter the years remaining in years.
- Extra per month($)
- Enter the extra per month in $.
Worked example
Using the values the calculator loads with:
Inputs
- Current balance250000 $
- Interest rate6 %
- Years remaining30 years
- Extra per month200 $
Results
- Interest saved$86,232.96
- New payoff time22 yr 3 mo
- Time saved7 yr 9 mo
- New monthly payment$1,698.88
Frequently asked questions
Should extra go to principal?
Yes — tell the servicer to apply extra to principal, otherwise it may be held as a prepaid future payment instead.
Is paying extra always best?
Not if you hold higher-rate debt or lack an emergency fund; clear those first, since the guaranteed return equals your loan rate.
What do I need to enter into the Extra Mortgage Payment Calculator?
Just 4 values: current balance, interest rate, years remaining, extra per month. Every field starts with a realistic example, so you can change one number at a time and watch the result update instantly.
How does the Extra Mortgage Payment Calculator work out the answer?
Extra monthly payments go entirely to principal, shortening the term and removing all future interest that the balance would have earned. The working is shown step by step so you can verify the result by hand.
Is the Extra Mortgage Payment Calculator free, and do I need an account?
It is completely free with no sign-up, no download and no usage limit. Everything is calculated in your browser, so the numbers you type never leave your device.
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.