Extra Mortgage Payment Calculator
Every extra dollar of principal erases all the future interest that dollar would have carried. Add a monthly amount or a one-time lump sum and see exactly how much time and interest it removes.
Your loan
Interest saved
$0
Down from $688,740 to $688,740.
Time saved
—
Paid off in 30 yr — about August 2056.
Base payment
$3,413
Principal and interest only, before your extra amount.
Payment with extra
$3,413
Escrow items, HOA dues and mortgage insurance are on top of this.
What this says
Enter an extra monthly amount or a lump sum above to see the effect. Even a small amount early in the loan does real work, because that is when the balance is largest.
Confirm with your servicer that extra amounts are applied to principal rather than held as a prepaid future payment. Also weigh this against higher-rate debt, an employer retirement match and keeping cash reserves.
Assumptions behind these numbers
- Extra amounts are assumed to be applied to principal in the month they are paid.
- Property taxes, homeowners insurance, HOA dues and maintenance are estimates you can change; actual amounts vary by property and municipality.
- Home appreciation, rent growth and investment returns are assumptions, not predictions. Real markets move up and down.
- Mortgage insurance figures are estimates. Actual pricing depends on the lender, the mortgage insurer and your credit profile.
- Results ignore income tax effects, such as any deduction for mortgage interest or property taxes.
- Interest rates shown are averages or your own entries, not a rate quote or lock.
Keep going
Educational only: The calculators and information on this website are for educational and illustrative purposes only. Results are estimates based on the information and assumptions entered and are not a loan offer, commitment to lend, financial advice or guarantee of eligibility, rates, costs or savings. Actual loan terms, rates, fees, mortgage insurance and qualification requirements vary by borrower, property, lender and loan program. Speak with a licensed mortgage professional for personalized information.