Calculate extra mortgage payment impact: see new payoff, interest saved and amortization with extra monthly.
Calculate extra mortgage payment impact: see new payoff, interest saved and amortization with extra monthly.
Enter values above and click Calculate — results will appear here with the formula explained.
This simulates extra principal each month, reducing balance faster and cutting total interest. Extra early saves more than late due to compounding on higher balance.
Assumes fixed rate, extra always to principal, no prepayment penalty. Check lender applies correctly.
For YMYL mortgage decisions, compare extra payment vs investing at expected return. High rate mortgages often beat market, low rate may not. Run both scenarios.
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This simulates extra principal each month, reducing balance faster and cutting total interest. Extra early saves more than late due to compounding on higher balance. Formula: Standard P = balance*r*(1+r)^n/((1+r)^n-1); With extra, iterate deducting extra from principal
Mortgage Extra Payment Calculator computes calculate extra mortgage payment impact: see new payoff, interest saved and amortization with extra monthly. Formula: Standard P = balance*r*(1+r)^n/((1+r)^n-1). Example: With $300k at 6.
Calculate extra mortgage payment impact: see new payoff, interest saved and amortization with extra monthly. Formula: Standard P = balance*r*(1+r)^n/((1+r)^n-1); With extra, iterate deducting extra from principal
| Field | What to enter |
|---|---|
| Current balance ($) | e.g. 300000 |
| Annual rate (%) | e.g. 6.5 |
| Remaining years | e.g. 25 |
| Extra per month ($) | e.g. 500 |
All fields use the exact formulas shown below — results include step-by-step breakdowns you can verify by hand.
This simulates extra principal each month, reducing balance faster and cutting total interest. Extra early saves more than late due to compounding on higher balance.
Assumes fixed rate, extra always to principal, no prepayment penalty. Check lender applies correctly.
For YMYL mortgage decisions, compare extra payment vs investing at expected return. High rate mortgages often beat market, low rate may not. Run both scenarios.
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With $300k at 6.5% for 25y, payment $2,010. Adding $500/mo pays off in ~17y, saving 8 years and about $92k interest.
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