Mortgage Extra Payment Calculator

Extra payments go directly toward reducing your principal balance. A lower principal means less interest accrues each month, which means more of every future payment goes to principal. This cycle shortens the loan and lowers total interest paid.

A monthly extra payment is added every month on top of your regular payment. A yearly extra payment is applied once per year — common with a tax refund or annual bonus. A one-time payment is a single lump sum applied to principal at the start. All three reduce interest, but monthly extra payments typically produce the largest savings because the principal drops faster over time.

Enter your current remaining balance — what you owe today. This lets the calculator model your actual payoff path from now, not from the beginning of the loan. You can usually find your current balance on your most recent mortgage statement.

No. This calculator focuses on the principal and interest portion of your mortgage. Property taxes, homeowners insurance, HOA fees, and PMI are not included in this estimate.

It depends on your situation. Refinancing to a lower rate reduces every future payment's interest cost but involves closing costs and may reset your term. Extra payments on your current loan reduce principal without fees or paperwork. If you already have a competitive rate, extra payments are a simple, no-cost way to build equity faster.

This option lets you model a delayed start — for example, if you expect to have extra cash available in 6 months. Enter 0 to start right away. Any months before the delay follow the standard schedule, and interest continues to accrue on the full balance during that period. Starting extra payments later typically reduces total interest saved and pushes the payoff date further out compared with starting immediately. The longer the delay, the smaller the benefit.

The standard monthly payment is calculated from your current balance, interest rate, and remaining term using the standard fixed-rate formula. If your actual servicer payment is slightly different, it may be due to rounding differences, escrow components, or past adjustments. Use this as a planning estimate rather than an exact match to your statement.

Yes. This calculator works for any fixed-rate mortgage where your payment stays the same each month. It does not model adjustable-rate mortgages where the rate changes over time.

Extra mortgage payments reduce your total interest cost and build equity faster, and the savings are guaranteed at your current rate with no additional risk. Whether paying extra makes sense depends on your interest rate, remaining term, emergency fund, and other financial priorities. This calculator shows what the mortgage math looks like; the broader financial decision is yours to weigh based on your full situation.