Mortgage Extra Payment Calculator
Add a little each month and watch the term shrink.
Regular payment:
Term without extra:
Term with extra:
Interest saved:
How to use this calculator
Enter your balance, rate, term and extra monthly payment, then press Calculate. The regular payment, base term, new term and interest saved are shown.
What the result means
Interest saved is what the extra payments are worth. Every extra dollar cuts future interest, making this one of the safest guaranteed returns available.
Frequently asked questions
Should I pay extra on my mortgage?
Yes if your rate is high and you have an emergency fund — it's a risk-free return equal to your mortgage rate.
Do extra payments really shorten the term?
Yes — even $100 extra a month can cut years off a 30-year mortgage.