Mortgage Calculator with Extra Yearly Payment
This comprehensive **mortgage calculator with extra yearly payment** feature helps you evaluate the financial power of making additional payments—whether monthly, annual, or one-time—to pay off your mortgage sooner, saving thousands in interest.
![Modify the values and click the Calculate button to use](data:image/svg+xml;utf8,<svg width="630" height="35" viewBox="0 0 630 35" xmlns="http://www.w3.org/2000/svg"><rect x="0" y="0" width="630" height="35" fill="#369" /><text x="136" y="25" fill="#fff" font-size="17px" font-family="Arial">Modify the values and click the Calculate button to use</text><circle cx="71" cy="18" r="13" fill="#fff"/><path d="M62 15 L80 15 L71 26Z" fill="#369"/></svg>){kind=small}
Scenario 1: Calculate Payoff with Original Loan Term Known
Use this section if you know the original loan term and are considering extra payments now or in the future.
Example Payoff in 25 years and 4 months ![](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" fill="#000000" width="19px" height="20px" viewBox="0 0 19 20"><g transform="translate(0,-3) scale(0.8)"><path fill="white" d="M17 3H5c-1.11 0-2 .9-2 2v14c0 1.1.89 2 2 2h14c1.1 0 2-.9 2-2V7l-4-4zm-5 16c-1.66 0-3-1.34-3-3s1.34-3 3-3 3 1.34 3 3-1.34 3-3 3zm3-10H5V5h10v4z"/></g><text x="0" y="20" fill="#d9f0c6" style="font-family:arial,helvetica,sans-serif;font-size:9px">save</text></svg> "Save this calculation")
Based on a 30-year loan of $350,000 at 5.5% and 5 years paid, the current remaining balance is **$328,095.34**. By adding an extra $100 monthly and a $1,000 yearly payment, the loan is paid off much faster.
| Interest Savings $78,450 |
Time Savings 2 years and 8 months |
|---|---|
|
Original: $300,000
With Payoff: $221,550
Pay 26% less on interest
|
Original: 25 yrs
With Payoff: 22 yrs, 4 mos
Payoff 11% faster
|
| Original | With Extra Payments | |
|---|---|---|
| Monthly Payment | $1,987.35 | $2,087.35 + $1,000/yr |
| Total Payments Remaining | $596,205.00 | $517,755.00 |
| Total Interest Remaining | $268,109.66 | $189,659.66 |
| Payoff in | 25 yrs, 0 mos | 22 yrs, 4 mos |