Extra Payment Calculator
See how extra mortgage payments can save you thousands in interest and help you pay off your loan faster
Payment Comparison
Current Loan
Monthly Payment
$2,200
Payoff Time
25 years
Total Interest
$360,000
Total Paid
$660,000
With Extra Payments
Monthly Payment
$2,400
Payoff Time
21.5 years
Total Interest
$285,000
Total Paid
$585,000
💰 Your Savings
Interest Savings
$75,000
Time Savings
3.5 years
Total Savings
$75,000
Loan Balance Over Time
Interest Savings Over Time
Extra Payment Scenarios
| Extra Payment | New Payment | Payoff Time | Interest Savings | Time Savings |
|---|
Extra Payment Strategies
💡 Start Small
Even an extra $50-100 per month can save thousands in interest over the life of your loan.
🎯 Target Principal
Make sure extra payments go toward principal, not interest or escrow accounts.
📅 Bi-Weekly Payments
Making 26 bi-weekly payments equals 13 monthly payments per year, saving significant interest.
💰 Use Windfalls
Apply tax refunds, bonuses, or inheritance toward your mortgage principal for maximum impact.
⚖️ Consider Alternatives
Compare mortgage extra payments with investing in retirement accounts or paying off higher-rate debt.
🏦 Check with Lender
Verify your lender's extra payment process and ensure no prepayment penalties apply.