Extra Payment Calculator
Calculate how additional principal payments can dramatically reduce your mortgage interest and accelerate your payoff timeline. See the impact of one-time or recurring extra payments.
Loan & Extra Payment Details
Payment Comparison
Enter loan details and extra payment amount to see your savings
Understanding Extra Mortgage Payments
How Extra Payments Work
- Direct to principal: Extra payments go directly toward reducing your loan balance
- Compound effect: Lower balance means less interest charged each month
- Accelerated payoff: Shorter loan term means years of savings
- Flexibility: Choose monthly, yearly, or one-time payments
Strategic Tips
✓ Best Practices
- • Start early in the loan term for maximum impact
- • Even small extra payments ($50-100) make a difference
- • Use windfalls (tax refunds, bonuses) for one-time payments
- • Set up automatic extra payments for consistency
⚠ Considerations
- • Ensure you have emergency fund first
- • Consider high-interest debt before extra mortgage payments
- • Verify lender allows extra payments without penalty
- • Balance with other investment opportunities