Extra Payment Calculator
See how extra payments can save you thousands
Loan Details
$
%
yrs
$
Base Monthly Payment
$1,896
With Extra Payment
$2,096
Interest Saved
$103,449
Time Saved
6y 11m
Payoff Comparison
Original Term
30 years
Total Interest: $382,633
With Extra Payment
23 years
Total Interest: $279,185
Great News!
Adding $200/month saves you $103,449 in interest and pays off your mortgage 6 years and 11 months earlier!
Original Payoff
Feb 2056
New Payoff
Mar 2049
Total Interest
$279,185
This is an estimate. Actual results may vary. Check with your lender about prepayment policies.
The Power of Extra Payments
Making extra payments toward your principal can dramatically reduce your total interest and shorten your loan term:
On a $300,000 loan at 6.5% for 30 years:
| Extra/Month | Years Saved | Interest Saved |
|---|---|---|
| $100 | ~4 years | ~$52,000 |
| $200 | ~7.5 years | ~$95,000 |
| $500 | ~12 years | ~$145,000 |
Strategies for Extra Payments
- Round up: Round your payment to the nearest $100
- Bi-weekly payments: Pay half every two weeks (26 payments = 13 months)
- Annual bonus: Apply tax refunds or work bonuses to principal
- Set amount: Add a fixed amount every month
Learn more strategies in our early payoff guide.
Important Note
Always specify that extra payments should go toward principal only. Check with your lender to ensure there are no prepayment penalties.