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Debt & Housing

Extra Mortgage Payment

See how adding a set amount to your mortgage each month shortens the loan and the interest it saves, with both payoff paths side by side.
Interest Saved
$0
Over the life of the loan
Time Saved
0
Off your payoff date
New Payoff Time
0
With the extra payment
Balance Over Time
💡 Pay Down Faster
Estimates only. Assumes a fixed rate and that the full extra amount goes to principal every month. Confirm your servicer applies extra payments to principal without fees.
🏛 Predictable Income

Extra Mortgage Payment Calculator

This calculator shows the payoff power of sending extra money to your mortgage principal each month. It simulates two loans at once: your standard schedule and the same loan with a fixed extra amount applied to principal every month. Because every dollar of extra principal removes future interest, even a modest monthly addition can erase years from a thirty year loan and tens of thousands in interest. The hero number is the interest you save, and the chart traces both balances dropping over time.

To use it, enter your loan balance, your interest rate, your term, and the extra amount you can add each month. The hero number shows total interest saved. One stat card shows how much time you cut off the loan, and the other shows your new payoff timeline with the extra payment included. Slide the extra amount up and down to see how quickly the savings grow as you commit more to principal.

Extra principal is one of the highest-certainty returns in personal finance, because the savings equal your mortgage rate with no market risk. The tradeoff is liquidity, since money sent to the house is hard to get back. This tool helps you weigh that tradeoff with real numbers so you can decide whether accelerating the mortgage beats keeping the cash invested or available. This is the once-extra-per-month variant; a separate calculator handles biweekly payments.