Mortgage Calculator for Making Extra Payments

This comprehensive **mortgage calculator for making extra payments** helps you evaluate precisely how additional payments, whether they are monthly, annually, or a single lump sum, can dramatically reduce your interest costs and shorten your loan term.

Instruction: Modify the values and click the Calculate button to use

Calculate if you know the original loan term

Use this calculator if you have a copy of your original loan document and know the starting principal, original term, and interest rate. This model calculates the exact starting balance and remaining term after any past payments.

Original Loan Amount
Original Loan Termyears
Interest Rate (APR)
Remaining Term years
months
Repayment options:

per month
per year
one time (Lump Sum)
*Original monthly payment: $2,212.03
 

Payoff in 21 years and 4 months

The remaining principal is $338,817.07. By paying an extra $383.33 per month (including the equivalent annual payment) and a one-time payment of $0.00, the loan will be paid off in 21 years and 4 months. This is 3 years and 8 months earlier, resulting in substantial savings of $42,884.23 in interest.

Interest savings
$42,884		Time savings
3 years and 8 months
Original: $360,564
With payoff: $317,680
Pay 11.9% less on interest
Original: 25 yrs
With payoff: 21 yrs, 4 mos
Payoff 14.7% faster
 OriginalWith Extra Payments
Remaining Term25 yrs, 0 mos21 yrs, 4 mos
Total Remaining Payments$660,564.00$617,680.00
Total Remaining Interest$360,564.00$317,680.00

Calculate if you don't know the original loan term

If you don't know the remaining loan term or the original amount, you can still use this mortgage calculator for making extra payments using your current statement details. Enter your unpaid principal balance, interest rate, and current monthly payment.

Unpaid Principal Balance
Current Monthly Payment
Interest Rate (APR)
Repayment options:
per month
per year
one time (Lump Sum)

 

Payoff in 13 years and 11 months

The remaining principal is $200,000.00. By paying an extra $300.00 per month (including the equivalent annual payment) and a one-time payment of $0.00, the loan will be paid off in 13 years and 11 months. This is 15 years and 9 months earlier, resulting in substantial savings of $77,419.82 in interest.

Interest savings
$77,420		Time savings
15 years and 9 months
Original: $184,839.80
With payoff: $107,419.98
Pay 41.9% less on interest
Original: 29 yrs, 8 mos
With payoff: 13 yrs, 11 mos
Payoff 53.0% faster
 OriginalWith Extra Payments
Remaining Term29 yrs, 8 mos13 yrs, 11 mos
Total Remaining Payments$384,839.80$307,419.98
Total Remaining Interest$184,839.80$107,419.98