Extra Mortgage Payment Calculator
See how many years and how much interest an extra monthly payment saves.
Enter your values
Results update instantly as you type — no submit needed.
Results
- 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.
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.
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.