Calculators · Buying & Financing
Extra Payment Calculator
See how much interest you save and how many years you cut by paying extra principal monthly, once a year or as a one-time payment.
Loading the calculator. If it does not appear, make sure JavaScript is on, or call or text Michael at 832-797-3780.
How this calculator works
Every dollar of extra principal stops interest from being charged on that dollar for the rest of the loan. Early in a loan, when most of the payment is interest, the effect is largest.
Enter your current balance, rate and years left, then try monthly, yearly or one-time extra payments. Your balance stays on your device.
- The regular payment is unchanged; extra money goes straight to principal in the month you choose.
- The results compare total interest and payoff month against making only the regular payment.
Worked example
Example values are illustrative, not quotes or market data. These are the numbers the calculator above starts with.
Inputs
- Interest rate
- 6.5%
- Years left on the loan
- 28
- Extra principal each month
- $200
- Starting with payment number
- 1
- Extra once a year
- $0
- One-time extra payment
- $0
- Made with payment number
- 12
Results
- Interest saved
- $88,258
- Months saved
- 72
- Payoff
- 22 yrs
- Total extra paid
- $52,600
Common questions
Should I pay extra or invest the money?
It depends on your rate, other debts, emergency savings and what you would earn elsewhere. Paying extra is a guaranteed return equal to your rate.
Will extra payments lower my monthly payment?
Not by themselves. The payment stays the same and the loan ends sooner. Some servicers offer a recast that lowers the payment after a large prepayment.
Is there a penalty for paying early?
Most current home loans do not have one. Check your note, especially for investor or seller-financed loans.
Related calculators
- Mortgage Payment Calculator
- Refinance and Cash-Out Calculator
- Compare Mortgage Scenarios
- All calculators
Estimate only. Actual loan terms, eligibility, insurance, taxes, and settlement charges require verification. These are planning estimates, not a lender Loan Estimate, Closing Disclosure, appraisal, or approval. Michael O'Neal is a real estate broker, not a lender, appraiser, attorney or tax adviser.
Next step
Want a real financing quote? Connect with Home Front Mortgage.
Andrew Fairleigh, Mortgage Loan Originator, Home Front Mortgage, NMLS #1878546. (979) 595-8979 · [email protected]
Rates in these calculators are examples, not Home Front quotes. Your application goes to Home Front's secure site. Do not send financial documents through this website.
Affiliated business arrangement disclosure. This is to give you notice that some agents and owners at Keller Williams Realty Northeast, including Michael O'Neal, have a business relationship with certain providers of services related to your purchase, sale or refinance of real estate, including Home Front Mortgage and Keystone Title & Escrow. Because of this relationship, a referral may provide some owners and agents at Keller Williams Realty Northeast a financial or other benefit. You are NOT required to use either company as a condition for your purchase, your financing or refinance, or any other transaction related to a property. There are frequently other providers available with similar services. You are free to shop around to determine that you are receiving the best services and the best rate for these services. You will be given the written Affiliated Business Arrangement Disclosure, including estimated charges, to review and sign.