Extra Payment Calculator

See how much you can save by making extra mortgage payments. Pay off your loan years earlier and save thousands in interest.

Loan Details

Loan Amount

Interest Rate (%)

Loan Term (years)

Extra Monthly Payment

Add this amount to your regular payment each month

Extra Yearly Payment (e.g., tax refund)

One annual lump sum payment

One-Time Payment (today)

Immediate principal payment

Total Interest Saved

$103,449

Pay off 6.9 years earlier!

Regular Payoff30 years

With Extra Payments23.1 years

Time Saved6.9 years

🎉 You'll be mortgage-free 83 months earlier!

Regular Payment$1,896

Extra Monthly+$200

New Monthly Payment$2,096

Total Paid (Regular)$682,633

Total Paid (With Extra)$579,185

Total Savings$103,449

•Round Up: Pay $2000 instead of $1,896
•13th Payment: Make one extra payment per year
•Windfalls: Apply bonuses, tax refunds, or raises
•Bi-Weekly: Pay half your payment every 2 weeks (26 half-payments = 13 full payments)

Want to learn more about paying off your mortgage faster?

Every extra dollar goes straight to your principal balance, reducing the amount that accrues interest.

Less principal means less interest charged. You pay off your loan years earlier and save thousands.

Extra payments build home equity faster, giving you more financial flexibility and borrowing power.

Important Disclaimers:

Check for Prepayment Penalties: Some loans have penalties for paying off early. Verify your loan terms before making extra payments.
Specify Principal-Only: Tell your lender to apply extra payments to principal, not future payments.
Emergency Fund First: Maintain 3-6 months of expenses before aggressively paying down your mortgage.
Consider Other Debt: If you have higher-interest debt (credit cards, car loans), pay those off first.
Investment Trade-Off: Consider whether investing extra money may yield higher returns than your mortgage rate.

Personalized Strategy: Contact Jimmy Joseph MBA at (908) 698-0150 to discuss the best payoff strategy for your situation.