1
Enter the remaining mortgage
Add the current principal balance, interest rate, and years left on the loan.
Mortgage payoff calculator
Free Extra Payment Mortgage Calculator
An extra payment mortgage calculator shows how monthly, annual, or one-time principal payments can help pay off a mortgage early and reduce total interest.
Interest saved
$180,858.46
Time saved
10 yr 1 mo
Payoff months
239
Calculator inputs
Model extra principal payments
Current mortgage
Use the remaining loan balance and original payoff schedule.
Extra payments
Compare recurring and lump-sum principal-only payments.
Results
Save $180,858.46
The extra-payment plan pays the mortgage off in 239 months instead of 360 months.
Regular total interest
$467,233.60
Accelerated interest
$286,375.14
Months saved
121
Final accelerated payment
$892.93
Payoff impact
Early payoff snapshot
Time saved
10 yr 1 moHow much earlier the mortgage is paid off with extra principal.
Years saved
10.08The payoff acceleration shown as decimal years for comparisons.
Total extra principal
$95,200.00Extra principal paid before the accelerated payoff completes.
Quick guidance
Make extra payments count
Extra mortgage payments work best when they are applied directly to principal. Ask the lender how to label extra payments and whether prepayment penalties apply.
Plan a friendly loan2
Choose extra principal payments
Model monthly extras, annual lump sums, or a one-time principal payment.
3
Compare payoff and interest
Review months saved, years saved, interest avoided, and the final accelerated payment.
FAQ
Extra mortgage payment questions
What is an extra payment mortgage calculator?
An extra payment mortgage calculator estimates how additional principal payments can shorten your payoff timeline and reduce total mortgage interest.
Do extra mortgage payments go to principal?
Extra payments usually need to be marked as principal-only payments. Confirm your lender applies them to principal rather than treating them as future scheduled payments.
Is it better to make monthly or annual extra mortgage payments?
Monthly extra payments usually save interest sooner because they reduce principal every month. Annual payments can still help if you use bonuses, refunds, or other lump sums.
Can I pay off my mortgage early without a penalty?
Many mortgages allow early payoff, but some loans have prepayment penalties or special instructions. Check your note and lender rules before sending large extra payments.