Mortgage Calculators
Mortgage Extra Payment Calculator
A little extra can go a long way. Use this calculator to see how making additional mortgage payments could shorten your loan term, reduce interest costs, and help you build equity faster. Whether you’re planning to make extra monthly payments or occasional lump-sum contributions, you’ll see the potential impact on your mortgage and long-term savings.
How Extra Mortgage Payments Work
Extra mortgage payments are additional payments made toward your loan balance beyond your regular monthly mortgage payment. When applied correctly, these extra payments typically go toward your principal balance, which is the amount you still owe on the home.
Reducing your principal faster can help lower the amount of interest you pay over time. Since mortgage interest is calculated based on your remaining loan balance, the sooner you reduce that balance, the less interest may accrue over the life of the loan.
Extra payments can be made in different ways. Some homeowners add a little more to their monthly payment, while others make one extra payment each year or occasional lump-sum payments when they have extra funds available. Even small additional payments can make a meaningful difference over time.
Before making extra payments, check with your loan servicer to make sure the extra amount is applied to principal and not future scheduled payments.
Own Your Home Free and Clear Sooner
Eliminate your mortgage sooner and enjoy greater financial freedom.
Reduce Total Interest Paid
Lowering your principal balance faster may reduce the amount of interest paid over the life of your loan.
Build Home Equity Faster
Additional payments increase your ownership stake in your home more quickly.