Mortgage With Extra Payments Calculator
Add an extra amount to each monthly payment and see how much interest you save and how many years you cut from the loan.
- Free
- No sign-up
Enter your loan, rate, term and extra payment to see the savings.
Worked example
With these example inputs:
- Loan amount$360,000
- Interest rate6.5%
- Term (years)30
- Extra monthly payment$200
Monthly payment: $2,475
- Total interest$350,243
- Total of payments$710,243
- Payoff time23 yr 11 mo
- Interest saved$108,917
- Time saved6 yr 1 mo
Frequently asked questions
How do extra payments save money?
Every extra dollar goes straight to principal, so less balance accrues interest. On a $360,000 loan at 6.5%, an extra $200 a month can save tens of thousands and several years.
Is it better to pay extra monthly or make one lump sum?
Both help. Regular extra payments compound their effect over time, while a lump sum early removes principal sooner. The biggest savings come from paying extra as early as possible.