Extra payment calculator

Bankrate, U.S. Bank, and PNC all describe extra mortgage payments as a way to reduce interest costs and shorten the time needed to pay off the loan. Calculator.net and MortgageCalculator.org also show that even relatively small recurring extra principal payments can save meaningful interest and cut years off the payoff date.

Loan balance

Interest rate

Remaining term

years

Extra monthly principal

$/ mo

One-time extra payment

Start lump payment at month

Payoff impact

Base monthly payment

New payoff time

—

Time saved

—

Base total interest

New total interest

Interest saved