Extra Mortgage Payment Calculator
See how one extra payment, monthly extras, or annual lump sums change your mortgage payoff date.
About this tool
A mortgage calculator page focused on extra payments. Test recurring additional principal payments and see the interest saved over the life of the loan.
How to use it
Quick steps to get the most out of this utility.
- 1
Enter mortgage basics
Loan amount, rate, term, taxes, insurance, and PMI if applicable.
- 2
Add extra payment
Use a fixed monthly extra, one-time payment, or annual extra.
- 3
Compare payoff dates
Review standard payoff versus accelerated payoff.
- 4
Check cashflow
Make sure the extra payment does not crowd out emergency savings.
Frequently asked questions
Do extra mortgage payments go to principal?+
They should, but you may need to specify principal-only payment with your servicer.
Is one extra mortgage payment a year worth it?+
It can cut years from a 30-year mortgage because each extra principal dollar avoids decades of interest.
Should I pay extra on mortgage or invest?+
Compare your mortgage rate after tax to expected after-tax investment return, and account for liquidity needs.
Keep exploring
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More views of the same calculator
Open main calculator →Same underlying engine, written for different use cases. Pick the angle that matches your situation.