Mortgage Calculator With Extra Payments
Calculate your mortgage payoff time and interest savings when you make extra payments.
Published by:
isCalculator Editorial Team
Was this calculator helpful?
How to use this tool?
How to Use the Mortgage Calculator with Extra Payments
This calculator shows how extra monthly payments can save you money and shorten your loan term.
- Enter Loan Amount – The total amount you borrow (e.g., 300000).
- Enter Annual Interest Rate – As a percentage (e.g., 4.5 for 4.5%).
- Enter Loan Term – In years (e.g., 30).
- Enter Extra Monthly Payment – Optional additional amount you pay each month (e.g., 200). Leave as 0 for standard payment.
- Click Calculate.
Results:
- Standard Payoff – Shows monthly payment, total interest, total paid, and payoff time without extra payments.
- With Extra Payments – Shows the same metrics but with your extra payment included.
- Savings – Displays how much interest you save and how much earlier you pay off the loan.
Note: All monetary values are in dollars. Use positive numbers only. Extra payment must be zero or greater.
Previous Results
| Result | Inputs | Date |
|---|
Frequently Asked Questions
It calculates how making additional monthly payments can reduce your mortgage term and total interest paid.
Extra payments reduce the principal balance faster, so less interest accrues over the life of the loan.
Yes, but check with your lender for prepayment penalties or restrictions.
