See how much making extra payments saves you
Extra Mortgage Payment Calculator
Find out exactly how much interest you save and how many years you cut from your loan by adding extra money to your monthly mortgage payment.
Enter your details
Added to your regular payment each month
Applied once per year
Total interest saved
$123,091
Paid off 6 yr 3 mo sooner by paying an extra $200/month
Old payoff
30 years
$502,232 total interest
New payoff
23 yr 9 mo
$379,141 total interest
Time saved
6 yr 3 mo
Interest saved
$123,091
Monthly payment comparison
Current monthly payment
$2,395
New monthly payment
$2,595
How this calculator works
Making even small extra payments against your mortgage principal can have a dramatic effect over the life of a 30-year loan. The reason is compounding — when you reduce your balance early, you pay less interest every subsequent month.
For example, adding just $200/month to a $350,000 mortgage at 7% could save you over $70,000 in interest and cut more than 4 years off your loan. The earlier in your loan term you start, the greater the impact.
Extra payments go directly to principal reduction. Your regular monthly payment stays the same — you're just paying down the balance faster, which means less interest accumulates over time. You can also make annual lump sum payments (such as from a tax refund or work bonus) for a similar accelerating effect.
Worked example
- 1Standard monthly payment: $2,395
- 2New effective payment: $2,695/month
- 3Standard total interest: $502,200
- 4With $300 extra/month: $381,800 total interest
- 5Interest saved: ~$120,400 | Time saved: ~6 years 8 months
Frequently Asked Questions
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Try calculatorDisclaimer: Calculations are estimates for informational purposes only and do not constitute financial advice. Rates, taxes, and costs vary by state and lender. Consult a licensed mortgage professional before making financial decisions.