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Mortgage Extra Payment Calculator
Compare payoff time with extra principal payments
Runs locally in your browser
Parameters
Results
- Payoff with extra
- 286 months
- Time saved
- 74 months
- Interest with extra
- $338,309
- Interest without extra
- $446,406
- Base payment
- $2,212/mo
Extra payments reduce the loan term (not the payment). Simplified model — no fees or escrow.
How it works
See how extra monthly principal payments shorten a mortgage and reduce interest.
Who it's for: Homeowners considering accelerated payoff strategies.
Models fixed-rate amortization with a constant extra payment each month.
Compares payoff time and total interest with vs. without extra payments.
Extra payments reduce term, not the scheduled payment amount.
How to use
- Enter Loan amount, Rate (%), Term (months), and Extra payment/month.
- Read Payoff with extra, Time saved, and interest comparison.
Good to know
- Simplified model — excludes escrow, PMI, and prepayment penalties.