Extra Payment Calculator

Find out how much faster you could clear your mortgage and how much interest you would save by adding a little extra to each monthly payment.

Loan amount

Interest rate

Term

yrs

Extra monthly payment

Interest saved: $122,993.99
Time saved: 7 yrs 9 mos
New payoff time: 22.3 years
Base monthly payment: $2,022.62

How it works

Enter your loan amount, rate, and term.
Enter the extra amount you plan to pay each month.
The calculator simulates the full amortization schedule with the extra payment applied.

Frequently asked questions

Why do small extra payments help so much?

Extra payments reduce the principal directly, so all future interest is charged on a smaller balance. The effect compounds over the life of the loan.

Are there penalties for early repayment?

Some mortgages carry early repayment charges. Check your loan terms before committing to extra payments.

Related guides

Are Extra Mortgage Payments Worth It? Interest Savings Math
Are extra mortgage payments worth it? See the interest-savings math behind biweekly, extra-monthly and lump-sum prepayments, plus when investing wins instead — with worked examples for US, UK, Canada, Australia and UAE b

Disclaimer: This calculator provides estimates for informational purposes only and is not financial, tax, or legal advice. Verify figures with a qualified professional before making decisions.