Loan details
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Amount borrowed at closing
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From your latest statement
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Your note rate
Original term
Final payment due date
Enter your loan details above to get started.
Extra principal payments
No extra payments
ℹ️ Bi-weekly: 26 half-payments/year = 1 extra full payment annually, plus your bi-weekly extra amount.
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Original maturity
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New payoff date
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Remaining interest
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at base payments only
Interest saved
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Balance over time
Base payments only
With extra payments
Year-by-year breakdown
| Year | Calendar year | Balance (base) | Balance (w/ extra) | Cumulative extra paid | Interest saved |
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How it works
How this calculator works
Enter your original loan amount, current balance, interest rate, loan term, and maturity date. Then add one or more extra payment types — monthly, bi-weekly, annual, or a one-time lump sum. The calculator shows exactly how many years and how much interest you save by making extra principal payments.
1
Enter loan details
Balance, rate, term, and maturity date
2
Add extra payments
Monthly, bi-weekly, annual, or lump sum amounts
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See your savings
Years saved and total interest reduction
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Review breakdown
Year-by-year amortization with extra payments
FAQ
Frequently asked questions
How do extra mortgage payments work?
When you make an extra payment on your mortgage it goes directly toward reducing your principal balance — not future interest. A lower principal means less interest accrues each month, which accelerates your payoff timeline. Even small extra payments early in a mortgage have an outsized impact because interest is front-loaded in traditional amortization.
How much can I save by paying extra on my mortgage?
The savings depend on your loan balance, interest rate, and how much extra you pay. As an example, on a $400,000 mortgage at 6.75% with 30 years remaining, paying an extra $200 per month could save over $65,000 in interest and shave nearly 4 years off your payoff date. Use this calculator to see your specific numbers.
Is it better to make monthly extra payments or a lump sum?
Both reduce your principal but monthly extra payments are generally more effective because each payment immediately reduces the balance on which interest is calculated. A lump sum payment is great when you receive a bonus or tax refund. This calculator lets you model both scenarios — or combine them — to find what works best for your situation.
Should I pay off my mortgage early or invest instead?
This depends on your mortgage interest rate vs your expected investment return. If your mortgage rate is 7% and you expect a 10% return investing, investing may come out ahead mathematically. However paying off your mortgage provides a guaranteed risk-free return equal to your interest rate and gives you the psychological benefit of owning your home outright. Many people choose a balanced approach — investing enough to get employer matches then putting extra toward their mortgage.
Will my lender apply extra payments to principal automatically?
Not always — this is an important detail. Some lenders apply extra payments to future scheduled payments rather than current principal. When making extra payments always specify in writing or online that the extra amount should be applied to principal. Check your mortgage statement after extra payments to confirm they were applied correctly.
Are there prepayment penalties on mortgages?
Most modern mortgages — especially those originated after 2014 — do not have prepayment penalties. However some older mortgages and certain loan types may include prepayment penalty clauses. Check your original loan documents or contact your servicer to confirm before making large extra payments. Qualified Mortgages under CFPB rules generally cannot have prepayment penalties after 3 years.