Extra Payment Calculator
Model the impact of extra monthly payments or lump sums. See how much interest you save and how many months you cut off your loan.
Without extra payments
Payoff: 360 months
Total interest: $289,595.47
With extra payments
Payoff: 267 months
Total interest: $203,362.51
You save: $86,232.96 and 93 months
How It Works
Extra payments go directly to principal, reducing the balance. Lower balance = less interest next month. Even small extra payments can save thousands and cut years off a mortgage.
Examples
$100 extra per month on mortgage
Small extra payment impact on 30-year mortgage
$500 extra - aggressive payoff
Cut years off your mortgage
One-time $5,000 lump sum
Tax refund or bonus applied at year 2
Frequently Asked Questions
- How much can extra payments save?
- Even small extra payments can save thousands in interest and shorten your loan by years. The calculator shows exactly how much you'll save with different extra payment amounts.
- Should I make extra payments monthly or as lump sums?
- Monthly extra payments have a bigger impact than occasional lump sums because they reduce the balance sooner, reducing interest accrual. But any extra payment helps.
- Will my lender accept extra payments?
- Most US lenders accept extra principal payments. Ensure the payment is applied to principal, not future payments. Check your loan documents or contact your lender.