Mortgage Calculator With Extra Payments
Extra principal attacks the balance that interest accrues on. Small recurring adds—$100–$300/mo—often shave years off a 30-year loan in models; your servicer’s application order matters for exact numbers.
Quick answer
Enter loan terms, then add monthly or annual extra principal. The amortization output shows remaining term and interest saved versus no extras.
For a related estimate, see 20 Percent Down Calculator.
Explore further: Biweekly Mortgage Calculator · Closing Cost Calculator
How to use this calculator
- Choose extra type: One-time lump (bonus) vs steady monthly add—each changes the curve differently.
- Watch escrow separately: Extra should apply to principal, not escrow buckets—mirror your lender’s apply-to-principal flow.
- Compare opportunity cost: If extra payment yields “guaranteed” interest savings vs investing elsewhere, decide your priority—this tool shows the loan side only.
What moves the payment
Monthly payment on a fixed-rate amortizing loan is driven by principal, APR, and term. Extra principal reduces balance faster; biweekly schedules effectively add one extra payment per year in many setups. Refinance math adds closing costs and resets amortization—break-even is months of savings versus upfront cost.
Explore further: Debt To Income Calculator · Down Payment Calculator
Real-world example
- Example: +$200/mo on $290k at 6.875% / 30-year: Often cuts several years and tens of thousands in interest versus minimum payments—exact figures depend on start month and rounding (illustrative).
Explore further: Home Affordability With Taxes · Home Loan Calculator
What this means
On a fresh 30-year note, early extra principal avoids interest at the highest-balance years—$200/mo in years 1–5 often shaves more total interest than the same add in year 20 when the balance is smaller.
FAQ
Does extra payment reduce required payment next month?
Usually no—required payment stays fixed on standard loans; you just pay down faster.
Is this a loan commitment?
No. Outputs are educational estimates. Final payments, APR, and fees come from your lender’s disclosures.
Why does my amortization schedule differ slightly?
Rounding, day-count conventions, and first-payment timing shift pennies. Use the schedule for directionally correct totals.