Mortgage Extra Payment Calculator
A modest extra payment every month can shave years off your mortgage and save tens of thousands in interest. This calculator shows the exact numbers for your loan.
How this calculator works
The calculator runs two amortizations: a standard schedule at your regular payment, and an accelerated schedule with the extra amount added each month. Because the extra goes entirely to principal, the accelerated loan accrues less interest and pays off sooner. The difference between the two interest totals is your savings, and the payoff date difference is your time saved. Any amount works — consistency matters more than size.
Frequently asked questions
Should I make extra mortgage payments or invest?
Extra payments are a guaranteed, risk-free return equal to your mortgage rate. If your rate is above 5–6% (most current mortgages), prepaying often beats low-risk investments; if it is low, investing may win. Many people do a mix.
Is a lump sum better than monthly extras?
Monthly extras create forced discipline and compound earlier; lump sums (like a tax refund) make a bigger dent in one shot. Either works — the calculator uses monthly extras, but a single annual extra has the same effect.
Does extra payment help if I plan to sell soon?
Prepaying only pays off if you keep the loan long enough for the interest savings to accumulate. If you expect to sell or refinance within a few years, the extra cash is often better kept liquid or invested.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.