1. Find your loan details
Use the balance you owe today, your interest rate and the years left on your loan. Do not use the starting balance or original term. Your latest statement can help.
Mortgage tools
Florida Extra Mortgage Payment Calculator
Want to pay off your home sooner? Try an extra monthly payment. See the time and interest you could save, then choose an amount that fits your budget.
Planning estimate. Not a loan offer, rate quote, or approval.
Your loan today
Your loan's note rate. Not an APR.
What is LEFT on the loan - the balance above is today's balance, not the original one.
The extra payment
Extra money applied to principal on top of your scheduled payment. It shortens the schedule; it does not change the scheduled payment itself.
1 means starting with your next payment.
You would be done
5 years
Sooner, and about $92,392 of interest you never pay.
Scheduled principal and interest$2,392
Payment once the extra starts$2,592
From the first month.
Payoff on the scheduled payment27 years
Payoff with the extra payment22 years
Time saved5 years
Interest without extra payments$423,169
Interest with extra payments$330,778
Interest avoided$92,392
See today's real Florida rates
Planning estimate only, not a loan offer, rate quote, approval, or commitment to lend. Rates you enter are assumptions, not APRs.
Try an extra payment in three steps
2. Pick an extra amount
Enter money you could add each month. This goes toward principal, which is the amount you borrowed and still owe. Keep enough cash for bills, repairs and a rainy day.
3. Choose when to start
Month 1 means your next payment. Try a later month to compare. The tool assumes you keep making the extra payment each month from that point on.
What changes when you pay extra?
An earlier payoff
Extra principal cuts the balance faster. With less left to charge interest on, you may finish sooner. The tool shows the payoff time with and without the extra money.
Less interest
Compare the interest on both schedules. The gap is the interest avoided in this model. It assumes a fixed rate, no missed payments and no fee for paying early.
The same required payment
Paying extra does not lower your next required payment here. It also does not change your rate. A lower required payment may call for a separate recast or refinance review.
Compare a refinanceKeep room for Florida home costs
A paid-off loan does not end all home costs. Plan for property taxes, home and flood insurance, upkeep and any homeowners association dues. Check Community Development District charges too. These costs are outside this principal-and-interest tool. Money sent to your loan is not cash you can use for an emergency.
Extra mortgage payment questions
How do I make sure the extra money goes to principal?
Ask the company that handles your mortgage payments how to mark it as an extra principal payment. Then check your next statement. Keep making your full required payment on time.
Could I pay a fee for paying early?
Some loans have a prepayment penalty. Small extra payments do not usually trigger one, but check your loan terms and ask your loan servicer. This tool does not include that fee.
Can I test one large payment or biweekly payments?
This tool models the same extra amount each month. It does not model a one-time lump sum or a biweekly schedule. Use it for a monthly plan, then ask for help with other payment patterns.
Should I pay extra or refinance?
Compare your current rate, new loan costs, cash cushion and how long you plan to keep the loan. Paying extra uses cash but keeps your current loan. Refinancing replaces it and may add costs. A lower payment alone does not mean a lower total cost.
Does living in Florida change the payoff math?
The same fixed-rate loan math applies. Your Florida taxes, insurance and other home costs still affect how much extra you can afford. Set those funds aside before choosing an extra payment.
Choose your next step.
- Compare keeping your loan with refinancing
- Plan a payment with taxes and insurance
- Ask about your payoff plan
An estimate is a starting point. Loan terms and approval need a full review.
Other calculators
Florida Rate FinderWhat are today's Florida rates for my loan, and what do they cost in points and payment?Mortgage Payment CalculatorWhat would my full monthly payment be - principal, interest, taxes, insurance, HOA and mortgage insurance?Home Affordability CalculatorWhat home price fits the monthly payment I want to stay near?Mortgage Points Calculator (Rate Horizon)Is it worth paying discount points to buy today's rate down, and how long until the lower payment recovers that cost?Refinance Break-Even CalculatorWould replacing the mortgage I already have actually leave me better off, once costs and the term reset are counted?Debt Consolidation Refinance CalculatorWhat happens to my monthly outflow and my total cost if I roll other debts into the mortgage?
Assumptions, method and disclosures
What this calculator assumed
- A fixed rate for the whole remaining term, at the rate you entered.
- The extra payment applied to principal every month from the start month onward, without interruption.
- The years remaining you entered are matched to the balance you entered.
- No prepayment penalty, no recast, and no change to the scheduled payment.
- Escrow for taxes and insurance is not included - this models principal and interest only.
How the numbers are calculated
Principal and interest only. Property taxes, homeowners insurance, HOA or CDD dues, and any applicable mortgage insurance or funding fee are not included and will increase the actual monthly payment.
Both schedules are amortised month by month, with the final instalment capped at the remaining balance rather than charged in full - which is what keeps the total paid and the interest from being overstated by up to one payment.
A 0% rate is a real scenario and computes: the loan amortises linearly, the interest avoided is exactly $0, and the payoff still shortens. A start month past the scheduled payoff is rejected rather than ignored, because an extra payment in a month that never arrives has no effect and reporting one would be untrue.
This is a planning estimate, not a loan offer, rate quote, approval, pre-approval, or commitment to lend.
Interest rates you enter here are assumptions, not APRs.
Results depend entirely on the inputs and assumptions above.
Your official Loan Estimate and Closing Disclosure control the actual terms of any loan.
Mortgage Expert, Inc. originates loans on Florida property only. Minimum loan amount $100,000.