Extra Mortgage Payment Calculator
See how many years and how much interest an extra monthly payment saves.
Enter your values
ⓘ Live results
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.
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.
About this calculator
- Built and reviewed by James Whitfield · How we build and test calculators
- Report an error
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.