Extra Payment Mortgage Calculator
What an extra payment saves in interest and time.
Works in your browser. Nothing you type is sent to us.
Type the rate you have been quoted; rates change daily and depend on your credit and the loan.
Taxes, insurance and fees
Property tax is a share of the home's value and varies by county. PMI applies only when the down payment is under 20%, and stops once the balance falls to 78% of the price.
Extra payments
Extra money goes straight to the principal, which cuts the interest and the number of payments.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|
Extra Payment Mortgage Calculator at a glance
- Price
- Free
- Data sent to us
- None, it runs in your browser
- Sign-up
- Not needed
- Loans
- Fixed rate, 10 to 30 years
- Gives
- Monthly payment, total interest, payoff date
- Also
- Amortization schedule, extra payments
How to use Extra Payment Mortgage Calculator
- Type the loanType the price, down payment, interest rate and term.
- Add the costsSet the property tax rate, insurance, PMI and HOA fees for the home.
- Read the paymentSee the monthly payment and its parts, the total interest and the schedule. Try extra payments to see what they save.
Extra payments are open with $200 a month on a $320,000 loan at 6.5% for 30 years: it saves about $105,000 in interest and ends the loan about six and a half years early. Change the extra amount, or add a yearly lump sum such as a tax refund, and the savings and schedule update.
How it works
Extra Payment Mortgage Calculator is a web page that does its work on your own device. Everything you type or choose is worked out by your browser and never sent to a server, so nothing is stored and there is nothing to delete. There is no account, no sign-up and no limit on how often you use it.
Before you pay extra
Ask your lender to apply extra money to principal, and check there is no prepayment penalty. Paying down a 6.5% mortgage is like earning 6.5% on that money, risk free.
Other shortcuts
Mortgage Calculator · Amortization Calculator · 15 Year Mortgage Calculator
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