Payments and schedules
Extra Mortgage Payment Calculator: Interest and Time Saved
Find out how much a fixed extra principal payment each month shortens your mortgage and how much interest it saves, so you can weigh it against other uses for the money.
Last updated · Runs in your browser. Nothing you enter is stored or sent.
Extra payments
Results
In plain words
Paying $200 extra each month on a $320,000 loan at 7.4% raises your principal and interest to $2,416, pays off the loan in 277 months (23 yrs 1 mo) instead of the full term, cuts 83 months (6 yrs 11 mo) and saves about $130,522 in interest.
Runs in your browser. Nothing you enter is stored or sent.
Key figures
- Interest saved$130,522
- Payments cut from the loan83 months (6 yrs 11 mo)
- Payoff dateNov 2049
- Payoff without extraOct 2056
- New monthly principal and interest$2,416
- No extra payments
- With extra payments
View chart as table
| Year | No extra payments | With extra payments |
|---|---|---|
| Year 1 | $316,992 | $314,509 |
| Year 2 | $313,754 | $308,597 |
| Year 3 | $310,267 | $302,233 |
| Year 4 | $306,514 | $295,382 |
| Year 5 | $302,474 | $288,006 |
| Year 6 | $298,124 | $280,065 |
| Year 7 | $293,441 | $271,516 |
| Year 8 | $288,399 | $262,313 |
| Year 9 | $282,972 | $252,405 |
| Year 10 | $277,129 | $241,739 |
| Year 11 | $270,838 | $230,256 |
| Year 12 | $264,066 | $217,894 |
| Year 13 | $256,776 | $204,585 |
| Year 14 | $248,927 | $190,258 |
| Year 15 | $240,478 | $174,833 |
| Year 16 | $231,381 | $158,228 |
| Year 17 | $221,588 | $140,351 |
| Year 18 | $211,046 | $121,106 |
| Year 19 | $199,696 | $100,387 |
| Year 20 | $187,477 | $78,082 |
| Year 21 | $174,323 | $54,069 |
| Year 22 | $160,162 | $28,217 |
| Year 23 | $144,916 | $387 |
| Year 24 | $128,503 | $0 |
| Year 25 | $110,834 | — |
| Year 26 | $91,811 | — |
| Year 27 | $71,333 | — |
| Year 28 | $49,286 | — |
| Year 29 | $25,552 | — |
| Year 30 | $0 | — |
Compare scenarios
| Scenario | Months to pay off | Total interest | Payoff date | Interest saved |
|---|---|---|---|---|
| No extra payments | 360 months (30 yrs 0 mo) | $477,622 | Oct 2056 | $0 |
| With extra payments | 277 months (23 yrs 1 mo) | $347,099 | Nov 2049 | $130,522 |
| Biweekly payments | 281 months (23 yrs 5 mo) | $354,169 | Mar 2050 | $123,452 |
| Same amount once a year | 279 months (23 yrs 3 mo) | $351,989 | Jan 2050 | $125,632 |
Amortization schedule
| Year | Payment (P&I + extra) | Principal | Interest | Extra | Balance | Total interest so far |
|---|---|---|---|---|---|---|
| Year 1 · Nov 2026 | $28,987 | $5,491 | $23,496 | $2,400 | $314,509 | $23,496 |
| Year 2 · Nov 2027 | $28,987 | $5,912 | $23,076 | $2,400 | $308,597 | $46,572 |
| Year 3 · Nov 2028 | $28,987 | $6,364 | $22,623 | $2,400 | $302,233 | $69,195 |
| Year 4 · Nov 2029 | $28,987 | $6,851 | $22,136 | $2,400 | $295,382 | $91,331 |
| Year 5 · Nov 2030 | $28,987 | $7,376 | $21,611 | $2,400 | $288,006 | $112,943 |
| Year 6 · Nov 2031 | $28,987 | $7,941 | $21,047 | $2,400 | $280,065 | $133,989 |
| Year 7 · Nov 2032 | $28,987 | $8,549 | $20,439 | $2,400 | $271,516 | $154,428 |
| Year 8 · Nov 2033 | $28,987 | $9,203 | $19,784 | $2,400 | $262,313 | $174,212 |
| Year 9 · Nov 2034 | $28,987 | $9,908 | $19,080 | $2,400 | $252,405 | $193,292 |
| Year 10 · Nov 2035 | $28,987 | $10,666 | $18,321 | $2,400 | $241,739 | $211,613 |
| Year 11 · Nov 2036 | $28,987 | $11,483 | $17,504 | $2,400 | $230,256 | $229,117 |
| Year 12 · Nov 2037 | $28,987 | $12,362 | $16,625 | $2,400 | $217,894 | $245,743 |
| Year 13 · Nov 2038 | $28,987 | $13,309 | $15,679 | $2,400 | $204,585 | $261,421 |
| Year 14 · Nov 2039 | $28,987 | $14,328 | $14,660 | $2,400 | $190,258 | $276,081 |
| Year 15 · Nov 2040 | $28,987 | $15,424 | $13,563 | $2,400 | $174,833 | $289,644 |
| Year 16 · Nov 2041 | $28,987 | $16,605 | $12,382 | $2,400 | $158,228 | $302,026 |
| Year 17 · Nov 2042 | $28,987 | $17,877 | $11,111 | $2,400 | $140,351 | $313,137 |
| Year 18 · Nov 2043 | $28,987 | $19,245 | $9,742 | $2,400 | $121,106 | $322,879 |
| Year 19 · Nov 2044 | $28,987 | $20,719 | $8,268 | $2,400 | $100,387 | $331,147 |
| Year 20 · Nov 2045 | $28,987 | $22,305 | $6,682 | $2,400 | $78,082 | $337,829 |
| Year 21 · Nov 2046 | $28,987 | $24,013 | $4,974 | $2,400 | $54,069 | $342,804 |
| Year 22 · Nov 2047 | $28,987 | $25,851 | $3,136 | $2,400 | $28,217 | $345,940 |
| Year 23 · Nov 2048 | $28,987 | $27,831 | $1,157 | $2,400 | $387 | $347,097 |
| Year 24 · Nov 2049 | $389 | $387 | $2 | $0 | $0 | $347,099 |
| Totals | $667,099 | $320,000 | $347,099 | $55,200 |
How to use this calculator
- Enter the loan amount and your interest rate.
- Choose the loan term.
- Enter the extra amount you could add to principal each month.
- Read the interest saved and how many payments disappear, then try a few amounts to find one that fits your budget.
Paying a little more than your required mortgage payment is one of the simplest ways to cut the cost of a home loan. Every extra dollar goes straight to principal, so it stops collecting interest for the rest of the loan. This extra mortgage payment calculator shows exactly how much interest a fixed monthly extra saves and how many payments it removes.
How this extra mortgage payment calculator works
The calculator builds two amortization schedules side by side. The first is your normal loan. The second adds the same extra amount to principal every month. The regular payment comes from the standard formula:
M = P × r ÷ (1 − (1 + r)^−n)
P is the loan amount, r is the yearly rate ÷ 12 and n is the number of payments. Each month in the second schedule:
New balance = balance − (M + extra − balance × r)
It stops when the balance reaches zero. Then it compares the two:
- Interest saved = total interest without extra − total interest with extra
- Payments cut = original number of payments − new number of payments
Worked examples
Example 1: $200 extra on a 30-year loan
Assume a $320,000 loan at an assumed 6.5% rate for 30 years.
- Regular principal and interest: about $2,023 a month; total interest over 360 payments is about $408,142.
- Add $200 a month, for a total of about $2,223.
- The loan now ends after 281 payments instead of 360, which is 79 payments (about 6.6 years) sooner.
- Total interest falls to about $302,714, a saving of about $105,429.
Over 281 months, the borrower adds about $56,200 in extra payments and saves about $105,400 in interest.
Example 2: bigger extras and shorter terms
Raise the extra on the same loan to $500 a month. The payoff drops to 216 payments (18 years), cutting 144 payments and saving about $185,552 in interest.
Now take a $250,000 loan at the same assumed 6.5% rate over 15 years. The regular payment is higher, so there is less interest to save. Adding $200 a month cuts 23 payments and saves about $21,016. Extra payments do the most good on long loans and in the early years, when the balance and the interest charge are largest.
What your result means
Treat the interest saved as a guaranteed return equal to your mortgage rate. At an assumed 6.5% rate, every extra dollar “earns” 6.5% by avoiding interest. Compare that with your other options:
| Use of extra cash | What you get | When it usually comes first |
|---|---|---|
| Emergency fund | Safety if income stops | Before extra payments, often 3 to 6 months of expenses |
| High-rate credit card debt | Avoids a rate far above most mortgages | Almost always before extra payments |
| Employer retirement match | An immediate match on your contribution | Usually before extra payments |
| Extra mortgage principal | Interest saved at your mortgage rate | After the items above |
| Investing | Possible higher, but uncertain, returns | Depends on your rate and risk comfort |
Money paid toward principal is locked in your home. You can only get it back by selling, refinancing or borrowing against the equity, so keep enough cash on hand first.
Program rules that change the answer
- Prepayment penalties. Most home loans allow extra payments at any time. Federal rules ban prepayment penalties on many loans and cap them on others, but some loans, including many business-purpose rental loans, can still charge one.
- PMI. On a conventional loan, extra payments bring forward the month your balance hits 80% of the original value, when you can ask to cancel PMI. The PMI removal calculator estimates that month.
- FHA MIP. With less than 10% down, FHA’s annual premium lasts for the life of the loan, so paying extra does not end it; refinancing into a conventional loan does.
- Adjustable-rate loans. Extra payments still cut the balance, but the payment can change at each adjustment, so savings depend on future rates.
Assumptions
- A fixed rate for the full term and the same extra amount every month from the first payment.
- Extra money goes entirely to principal.
- No recast, so the required payment does not change.
- Taxes, insurance and mortgage insurance are not included because extra payments do not change them (except ending PMI sooner).
Common mistakes
- Not labeling the payment. If the servicer treats extra money as an early regular payment, it may not cut principal right away. Mark it as principal.
- Draining savings. Home equity is hard to reach in an emergency.
- Ignoring a higher-rate debt. Paying extra on a mortgage while carrying a credit card balance usually costs money.
- Expecting a lower payment. The payment stays the same; only the end date moves.
Limits of this estimate
Real savings depend on when you start, whether you keep it up, and whether you sell or refinance first. If you plan to move in seven years, look at the balance at that point in the amortization schedule calculator rather than lifetime interest. Check your loan documents for a prepayment penalty before you begin, and ask a HUD-approved housing counselor if you are deciding between paying down the mortgage and other goals. Our guide to types of mortgage loans explains how term and loan type affect total cost.
For context, the national average 30-year fixed rate was 7.40% as of October 15, 2026 (Freddie Mac). FHA, VA and USDA rates are set by each lender and often differ.Source: Freddie Mac Primary Mortgage Market Survey, via FRED
Frequently asked questions
Do extra mortgage payments really save money?
Yes. Every extra dollar of principal stops being charged interest for the rest of the loan. On a $320,000, 30-year loan at an assumed 6.5% rate, $200 extra a month saves about $105,000 in interest and ends the loan about 6.6 years early.
Does paying extra lower my monthly payment?
No. On a standard fixed-rate loan the required payment stays the same; the loan simply ends sooner. Some servicers offer a recast, which re-figures a lower payment after a large lump sum, usually for a fee.
How do I make sure the extra goes to principal?
Mark it as an additional principal payment in your servicer's online system or on the payment coupon. Then check your next statement to confirm the balance fell by the extra amount.
Is there a penalty for paying my mortgage off early?
Most home loans have no prepayment penalty, and federal rules limit them. Some loans do have one, especially in the first few years. Check your loan documents or ask your servicer before you start.
Should I pay extra or invest the money?
Paying extra gives a guaranteed return equal to your mortgage rate. Many people first build an emergency fund, pay off higher-rate debt and capture any employer retirement match, then decide based on their rate and comfort with risk.
Does paying extra remove PMI sooner?
Yes. A conventional loan's PMI can be cancelled on request when the balance reaches 80% of the original value, and extra payments get you there faster.
Is one extra payment a year the same as biweekly payments?
Close. Paying half the payment every two weeks adds up to 13 full payments a year instead of 12. Divide one payment by 12 and enter it as the monthly extra to model a similar effect.
Sources
Read the guides
Related calculators
- Mortgage payment See what a home would really cost each month, not just principal and interest, but the taxes, insurance, HOA dues and mortgage insurance that lenders count too.
- Closing costs Get a planning range for your closing costs and the total cash you will need on closing day, before you have a Loan Estimate in hand.
- Rent vs buy Compare what you would spend renting with what buying would really cost after you sell, so you can see which path leaves you better off over your time frame.
- Amortization schedule See how each payment is split between interest and principal, how fast your balance falls, and how much interest the loan costs over its full term.