Extra Payment Calculator - Save Thousands with Extra Mortgage Payments
Discover how making extra mortgage payments can save you thousands in interest and pay off your loan years earlier. Calculate your savings with our free extra payment calculator.
Free Mortgage Calculator
Calculate your monthly mortgage payments, total interest, and view your complete amortization schedule. No signup required - get instant results.
Loan Details
20.0% down payment
Monthly Payment
$1,878
Principal & Interest
$1,478
Total Interest
$291,980
Loan Amount
$240,000
Payment Breakdown
Loan Summary
Amortization Chart
This chart shows how your payments are split between principal and interest over the life of your loan.
Early payments are mostly interest, while later payments are mostly principal.
Amortization Schedule
Showing payments 1 to 12 of 360
| Payment # | Payment | Principal | Interest | Remaining Balance | Total Interest | Total Principal |
|---|---|---|---|---|---|---|
| 1 | $1,478 | $228 | $1,250 | $239,772 | $1,250 | $228 |
| 2 | $1,478 | $229 | $1,249 | $239,543 | $2,499 | $457 |
| 3 | $1,478 | $230 | $1,248 | $239,313 | $3,746 | $687 |
| 4 | $1,478 | $231 | $1,246 | $239,082 | $4,993 | $918 |
| 5 | $1,478 | $233 | $1,245 | $238,849 | $6,238 | $1,151 |
| 6 | $1,478 | $234 | $1,244 | $238,616 | $7,482 | $1,384 |
| 7 | $1,478 | $235 | $1,243 | $238,381 | $8,725 | $1,619 |
| 8 | $1,478 | $236 | $1,242 | $238,145 | $9,966 | $1,855 |
| 9 | $1,478 | $237 | $1,240 | $237,907 | $11,207 | $2,093 |
| 10 | $1,478 | $239 | $1,239 | $237,669 | $12,446 | $2,331 |
| 11 | $1,478 | $240 | $1,238 | $237,429 | $13,684 | $2,571 |
| 12 | $1,478 | $241 | $1,237 | $237,188 | $14,920 | $2,812 |
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Mortgage Tips
- • Aim for 20% down payment to avoid PMI
- • Compare rates from multiple lenders
- • Consider shorter loan terms for lower interest
Next Steps
- • Get pre-approved for a mortgage
- • Check your credit score
- • Gather required documentation
Extra Payment Strategies
Monthly Extra Payment
Add a fixed amount to your monthly payment
- • Consistent savings
- • Easy to budget
- • Predictable results
Annual Lump Sum
Make one large payment per year
- • Use tax refunds
- • Bonus payments
- • Windfall money
Bi-Weekly Payments
Pay half your payment every two weeks
- • 26 payments per year
- • One extra payment annually
- • Aligns with paychecks
Benefits of Extra Payments
Save Thousands in Interest
Every extra dollar goes directly toward principal, reducing the total interest you pay over the life of the loan.
Pay Off Loan Faster
Extra payments reduce your loan term, helping you become debt-free years earlier.
Build Equity Faster
More of your payment goes toward building equity in your home rather than paying interest.
Flexible Strategy
You can adjust extra payments based on your financial situation - more when you can afford it, less when needed.
No Penalties
Most mortgages allow extra payments without penalties, making it a risk-free way to save money.
Better Than Savings
The interest you save is often higher than what you'd earn in a savings account.
Example: $300,000 Loan at 6.5%
No Extra Payments
$100 Extra Monthly
$200 Extra Monthly
💡 $200 extra monthly saves $112,560 in interest and 6.5 years off your loan!
Tips for Making Extra Payments
Getting Started
- ✓Start small - even $25-50 extra per month makes a difference
- ✓Use tax refunds or bonuses for lump sum payments
- ✓Set up automatic extra payments if possible
- ✓Specify that extra payments go toward principal
Maximizing Savings
- ✓Make extra payments early in the loan term
- ✓Consider bi-weekly payment plans
- ✓Round up your payment to the nearest $100
- ✓Use windfalls like inheritances or bonuses
Extra Payment FAQ
How do extra payments work?
Extra payments go directly toward your principal balance, reducing the amount of interest you pay over the life of the loan.
Are there penalties for extra payments?
Most conventional mortgages allow extra payments without penalties, but some loans (like certain ARMs) may have prepayment penalties. Check with your lender.
Should I make extra payments or invest the money?
It depends on your mortgage rate vs. expected investment returns. If your mortgage rate is higher than expected investment returns, extra payments make sense.
How do I ensure extra payments go to principal?
When making extra payments, specify that the additional amount should be applied to principal only, not future payments or escrow.