Extra Mortgage Payment Calculator
See how much interest and time you save by paying extra on your mortgage each month or as a lump sum.
Every extra dollar paid on a mortgage goes to principal. It saves interest for every remaining month of the loan.
This calculator shows the interest saved and the years cut by a monthly extra, a lump sum, or both.
How it works
The regular payment is worked out from the balance, rate and years remaining. The extra is added each month and the one time amount in month one.
The loan is then run to zero with and without the extras. The difference is your saving.
The formula
Time saved = months without extras - months with extras.
Tips
- Round your payment up to the next hundred. It is painless and adds up.
- Confirm with your lender that extra payments go to principal.
Frequently asked questions
Should I pay extra or invest?
Paying extra earns a guaranteed return equal to your rate. Investing may earn more, but with risk, and many people do some of both.
This is not financial advice. Nothing on this site is investment, tax, legal or financial advice of any kind.
The calculators give simplified estimates from the numbers you enter. They ignore taxes, fees, rate changes and real market returns, and they can be wrong.
Do not make financial decisions based on these results. Speak to a licensed financial adviser, accountant or lender before acting, and read the full disclaimer.