💸 Free Tool
Extra Payment Calculator
See exactly how much interest you save and how many years earlier you pay off your mortgage by making extra payments.
Loan Details
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Extra Payment Options
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Balance Comparison
Standard payments
With extra payments
Accelerated Amortization Schedule
| Period | Payment | Extra | Principal | Interest | Balance |
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How much can I save with extra payments?
Even small extra payments make a big difference due to compound interest. An extra $200/month on a $360,000 loan at 6.82% saves approximately $89,000 in interest and cuts about 6 years off the loan. The earlier in the loan term you start, the more you save.
Should I make extra payments or invest?
This depends on your mortgage rate vs. expected investment returns. If your rate is 7%+, paying down the mortgage is a guaranteed 7% return. If your rate is below 5%, investing in a diversified portfolio has historically outperformed over long periods. There's also a psychological value to owning your home outright.
Do I need to tell my lender about extra payments?
You should note on your payment that extra amounts should be applied to principal, not to future payments. Most servicers allow this specification online, by phone, or via a note with your check. Confirm your lender doesn't charge prepayment penalties — most modern mortgages don't.
Total Interest Saved
$0
Paid off — years earlier