Extra Payment Calculator
See how extra mortgage payments can save you thousands in interest and years off your loan.
Current Loan Information
Enter your existing mortgage details
Extra Payment Strategy
Choose how you want to make extra payments
Your Savings
$0
Interest Savings
0 years, 0 months
Time Saved
Loan Comparison
Original Loan
Monthly Payment$0
Total Interest$0
Payoff Time0 years, 0 months
With Extra Payments
New Monthly Payment$0
Total Interest$0
Payoff Time0 years, 0 months
Extra Payment Strategies
Monthly Extra
Add a fixed amount to your monthly payment. Even $50-100 extra can save thousands over the life of your loan.
Annual Windfall
Use tax refunds, bonuses, or other windfalls to make large annual payments toward your principal.
Bi-Weekly Payments
Make half your monthly payment every two weeks. This results in 26 payments per year (equivalent to 13 monthly payments).
When Extra Payments Make Sense
Good Times for Extra Payments
- • You have high-interest debt paid off
- • Emergency fund is fully funded
- • You're maximizing retirement contributions
- • Interest rate is higher than investment returns
- • You want guaranteed savings
Consider Investing Instead If
- • Your mortgage rate is very low (under 4%)
- • You're not maxing out retirement accounts
- • You have other high-interest debt
- • You need more liquid investments
- • You can earn higher returns elsewhere