Extra Mortgage Payment Calculator
Compare standard payments vs extra payment strategies to see how much faster you can pay off your mortgage and how much interest you’ll save.
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Mortgage Payoff Acceleration Summary
Monthly Payment
$1,896
Calculated from balance, rate, and term.
Time Saved
4 years
Payoff date moves from Oct 2055 to Oct 2051.
Interest Saved
$60,995
Total interest drops from $382,633 to $321,639.
Total Extra Paid
$31,100
Effective return on extra payments ≈ 196.1%
Loan Balance Over Time
Interest Paid Comparison
Interest savings of $60,995 over the life of the loan thanks to $31,100 in extra payments.
Mortgage Inputs
Extra Payment Strategy
Quick Toggles
Strategy Comparisons
| Strategy | Payoff Time | Time Saved | Interest Paid | Interest Saved |
|---|---|---|---|---|
| No Extra Payments | 30 years | — | $382,633 | $0 |
| +$100 Monthly | 26 years | 4 years | $321,639 | $60,995 |
| +$200 Monthly | 23 years, 1 month | 6 years, 11 months | $279,185 | $103,449 |
| 1/12th Rule | 24 years, 2 months | 5 years, 10 months | $295,377 | $87,256 |
| Biweekly Payments | 24 years, 2 months | 5 years, 10 months | $295,377 | $87,256 |
| $10,000 One-Time | 27 years, 3 months | 2 years, 9 months | $329,032 | $53,602 |
Payoff Playbook
Best For Immediate Progress
- Add $50-$200 per month to chip away at principal steadily.
- Round up payments to the nearest hundred for a painless boost.
- Automate transfers so you never accidentally skip extra payments.
Use Windfalls Wisely
- Apply bonuses, tax refunds, or escrow refunds as one-time principal payments.
- Every $1,000 extra now can wipe years off later in the loan.
- Target payments right after interest reset (early in the month).
Watch Opportunity Cost
- Compare mortgage rate vs. potential investment returns.
- Build emergency savings before throwing everything at the mortgage.
- Use low-interest mortgage flexibility while investing for retirement.
Tip: Ask Your Lender
Confirm extra payments apply directly to principal and that you’re not charged prepayment penalties. Many lenders require selecting “principal only” when submitting extra funds.
Key Financial Terms
Understand the essential concepts behind this calculator
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⚠️ Important Disclaimer
This Extra Mortgage Payment Calculator provides estimates for educational and informational purposes only. Actual results may vary significantly based on individual circumstances, market conditions, regulatory changes, and other factors beyond the scope of this calculator.
The calculations and projections provided are based on assumptions and historical data that may not reflect future performance.Past performance does not guarantee future results.
This tool is not financial advice, tax advice, legal advice, or investment advice. For personalized guidance tailored to your specific situation, please consult with qualified professionals including:
- Certified Financial Planner (CFP)
- Certified Public Accountant (CPA) for tax matters
- Licensed attorney for legal matters
- Registered Investment Advisor (RIA) for investment decisions
Data Accuracy: All data sources, statistics, and rates were verified as accurate as of October 2025. Tax rates, market conditions, and other financial data change over time. Always verify current rates and consult official sources.
No Warranties: While we strive for accuracy, we make no warranties or guarantees regarding the accuracy, completeness, or reliability of any information provided. Use this tool at your own risk.