Extra Payment Calculator
Extra Payment Calculator
See how much interest you save and how many years you cut off your mortgage by making extra principal payments.
$
%
1 yr30 yrs
$0$5,000
$
Interest Saved
$205,557
10 yrs 7 mo sooner payoff
Time Saved
10 yrs 7 mo
New payoff: September 2045
New Total Interest
$304,621
vs. $510,178 without extra payments
New Payoff Date
September 2045
233 months remaining (19 yrs 5 mo)
How to Use This Calculator
Enter your current loan balance, interest rate, remaining term, and the extra amount you plan to pay each month toward principal. The calculator shows your new payoff date and the total interest saved compared to making only the minimum required payment.