Extra mortgage payment calculator
The calculator opens with $200 a month of extra principal on an example loan. Change it to monthly, yearly, or one-time amounts to see the interest saved and the new payoff date.
Enter a home price and an interest rate to see your monthly payment.
Where your payment goes
| Part of the payment | Per month |
|---|
Above the baseline conforming loan limit
How it’s calculated
- Formula
payment = L × r ÷ (1 − (1 + r)−n)- Where
- L is the loan amount, r is the interest rate per month (annual rate ÷ 12), and n is the number of monthly payments.
- With your numbers
—
Amortization schedule
An estimate, not a loan offer
Your lender’s figures can differ. Property tax, insurance, PMI, and fees vary by home, lender, and place. This is general information, not financial or tax advice.Official figures used
PMI. You can ask your servicer to cancel private mortgage insurance when your balance is scheduled to reach 80% of the original value of your home, and the servicer must end it automatically at 78%, as long as you are current on payments. This calculator ends PMI when the balance, including your extra payments, reaches 78% of the home price.
Verified on October 8, 2026. Source: Consumer Financial Protection Bureau (CFPB), when can I remove PMI from my loan.
Conforming loan limit. For 2026, the baseline limit for a one-unit home is $832,750. In high-cost areas it is higher, up to $1,249,125.
Verified on October 8, 2026. Source: Federal Housing Finance Agency (FHFA), 2026 conforming loan limit values.
How to use it
- Enter the home price and your down payment, as a percent or in dollars.
- Enter the interest rate from your lender’s quote and choose a 30, 20, 15, or 10 year term.
- Add property tax, home insurance, HOA dues, and a PMI rate if your down payment is under 20%.
- Add extra payments, monthly, yearly, or one time, to see the interest you save and the new payoff date.
- Read the monthly breakdown and the amortization schedule, then download it as a CSV or copy a link.
Frequently asked questions
How much does an extra $200 a month save?
On the example $320,000 loan at 6.5% for 30 years, it saves $105,429 in interest and ends the loan 6 years and 7 months early.
Is it better to pay extra monthly or once a year?
Monthly extra payments reach the balance sooner, so they save slightly more: $105,429 for $200 a month against $101,552 for $2,400 once a year in the example.
Does an extra payment lower my monthly payment?
No. Your required payment stays the same and the loan ends sooner, unless you ask your lender to recast the loan.
What extra mortgage payments save
Any money you add to a payment goes to principal, so every later month’s interest is charged on a smaller balance. On a $320,000 loan at 6.5% for 30 years, interest totals $408,142 with no extra payments. The 6.5% rate is an example, not today’s rate. Enter your own in the mortgage calculator.
Extra every month
| Extra a month | Paid off in | Total interest | Interest saved |
|---|---|---|---|
| None | 30 years | $408,142 | — |
| $100 | 26 years and 2 months | $346,444 | $61,698 |
| $200 | 23 years and 5 months | $302,714 | $105,429 |
| $500 | 18 years | $222,590 | $185,552 |
| $1,000 | 13 years and 2 months | $156,743 | $251,400 |
Once a year or once
A $2,400 extra payment each year (the same total as $200 a month) pays the loan off in 23 years and 7 months and saves $101,552, a little less than $200 every month, which saves $105,429, because the money reaches the balance later. A single $10,000 payment with the first payment saves $53,943 and takes 2 years and 7 months off the loan.
Before you pay extra
Tell your servicer the money is for principal, since some loans apply it to future payments instead. Check for a prepayment penalty, and compare the interest you save with what the same money could earn elsewhere or with paying down higher-rate debt.
Updated on October 8, 2026