Mortgage / THE DECISION DESK
Mortgage Extra Payment Calculator
See how extra principal payments change your payoff date and total mortgage interest.
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$97,082
Pay the loan off 6 yr 3 mo sooner.
Accelerated plan
Interest comparison
How this is calculated
The scheduled payment uses the standard fixed-rate amortization formula. Each month, interest is charged on the remaining balance; the scheduled payment and your extra amount then reduce it.
The comparison runs the loan month by month twice. The difference in cumulative interest is the estimated saving, and the difference in payoff months is the time saved.
This does not include escrow, taxes, insurance, prepayment penalties, or changes to the loan rate.
Further reading: CFPB: prepayment penalties.
Common questions
›Does an extra mortgage payment go entirely to principal?
It does when your servicer applies it as an additional principal payment. Check the payment instructions and your next statement rather than assuming an extra transfer was applied correctly.
›Is a lump sum or monthly extra payment better?
Earlier principal reductions avoid more interest. A lump sum paid today generally saves more than spreading the same dollars across future months, though liquidity and prepayment terms also matter.
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