Mortgage with Extra Payments Calculator

Your details

The current outstanding principal balance, or the original loan amount if you have not started yet.
Your fixed annual mortgage interest rate (APR). Use the rate on your loan statement.
%
Remaining term in years. For a new 30-year loan enter 30; if you have 22 years left enter 22.
years
Additional principal you pay every month on top of your regular payment.
A lump sum you pay once per year (e.g. a year-end bonus applied to principal).
A single extra payment made in the month number you specify below.
The payment number (1 = first month) when the one-time lump sum is applied.
Currency
Interest saved
$103,449

Total interest you avoid by making extra payments

Months saved83
New payoff dateSeptember 2049
Original payoff dateAugust 2056
Regular monthly payment$1,896.20
Total interest (no extras)$382,633
Total interest (with extras)$279,185
Interest (no extras)$382,633
Interest (with extras)$279,185
Without extra payments382633.4653723981
With extra payments279184.6711147437

Interest saved: $103,449

  • Payoff date
  • Total interest

You save $103,449 in interest over the life of your loan.

  • You pay off your mortgage 6 years and 11 months earlier than the original schedule.
  • You avoid 27% of the total lifetime interest you would otherwise pay.
  • Your extra $200/month adds up to $2,400 per year directed at the principal.
  • Confirm with your lender that extra payments are applied directly to principal and that there are no prepayment penalties.

Next stepYour new payoff date is September 2049. Mark it on your calendar and reassess each year as your financial situation changes.

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