Extra Payment Mortgage Savings Calculator Monthly
Calculate how much you can save by making extra mortgage payments monthly. See exactly how additional payments reduce interest costs, shorten your payoff timeline, and build equity faster.
Quick Answer
Monthly Savings = Extra Payment × Remaining Months. $200 extra monthly on a $300k mortgage can save $48,000+ in interest and pay off 6+ years early. Essential for mortgage optimization and wealth building.
Calculator Preview
Interest Saved: $52,400
Years Saved: 6.8 years
New Payoff: 18.2 years
Key Features
Interest Savings
Calculate exact interest savings from extra payments
Payoff Timeline
See how much faster you'll pay off your mortgage
Equity Building
Track how extra payments build home equity faster
Payment Strategies
Compare different extra payment amounts and strategies
How It Works
Enter Mortgage Details
Input your current balance, interest rate, and remaining term
Set Extra Payment Amount
Choose how much extra you want to pay monthly
Calculate Savings
System calculates interest savings and payoff acceleration
Compare Strategies
See different scenarios and choose the best strategy
Why Make Extra Mortgage Payments?
Save Thousands
Reduce total interest paid over loan life
Build Equity Faster
Own your home sooner and build wealth
Financial Freedom
Achieve mortgage-free living earlier
Smart Extra Payment Strategies
Round Up Payments
Round your payment up to the nearest $100. If your payment is $1,267, pay $1,300.
Biweekly Payments
Pay half your mortgage every two weeks. This creates 13 full payments annually instead of 12.
Annual Lump Sum
Use tax refunds, bonuses, or other windfalls to make one large extra payment yearly.
Increase with Income
Increase extra payments as your income grows through raises or promotions.
Maximize Your Mortgage Savings
Calculate how extra payments can save you thousands and pay off your mortgage faster
Use Full CalculatorFrequently Asked Questions
How much should I pay extra each month?
Start with what you can comfortably afford. Even $100 extra monthly makes a significant difference. Many people aim for 10-20% of their regular payment.
Are there penalties for extra payments?
Most conventional mortgages don't have prepayment penalties. Always check your loan terms to confirm there are no fees for early payoff.
Should I invest or pay extra on mortgage?
Compare your mortgage rate to potential investment returns. If your mortgage rate is higher than expected investment returns, paying extra is usually better.
When is the best time to start extra payments?
Start as early as possible in your loan term. Extra payments have the biggest impact when made early, as they reduce interest for the remaining loan life.