Extra Mortgage Payment Calculator
See how adding a little extra each month, or a one-time lump sum, can shorten your mortgage by years and save tens of thousands in interest.
Your numbers
- Time saved
- 6.58 years
- New payoff time
- 23.42 years
- Interest with extra payments
- $302,714
- Original interest
- $408,142
- Standard
- With extra
How the extra mortgage payment calculator works
Extra dollars go straight to principal, which reduces future interest. We rerun the amortization schedule with the added payment and compare against the original schedule.
Example
Using the default inputs (Loan amount: $320,000; Interest rate: 6.5%; Loan term (years): 30; Extra monthly payment: $200; One-time extra payment: $0.00), the calculator returns interest saved of $105,429. Change any field above to see your own result and charts update instantly.
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Frequently asked questions
Is paying extra on a mortgage worth it?
It is a guaranteed return equal to your mortgage rate. Compare it with what you could earn investing after taxes and with your risk tolerance.
Do I need to tell my lender?
Yes. Ask that extra payments be applied to principal and confirm there is no prepayment penalty.
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Estimates are for educational purposes only and are not financial, tax or legal advice. Results depend on your inputs and simplified assumptions; tax figures reflect 2026 federal rules and may differ from your situation. See our disclaimer. © 2026 FinanzCalc.