Mortgage tools
Extra Payment Calculator
See how much sooner your mortgage is paid off, and how much interest you never pay, when you add to the principal each month.
Planning estimate. Not a loan offer, rate quote, or approval.
Your loan today
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.
You would be done
5 years
Sooner, and about $92,392 of interest you never pay.
From the first month.
Planning estimate only — not a loan offer, rate quote, approval, or commitment to lend. Rates you enter are assumptions, not APRs.
How to read this result
- The scheduled payment does not change
- Extra principal shortens the schedule rather than lowering what you owe each month. If your goal is a lower required payment, this is not the tool — a recast or a refinance is the conversation.
- Starting later costs you the compounding
- The earliest extra payments are worth the most, because they remove principal that would otherwise accrue interest for the whole remaining term. Push the start month out and the saving shrinks faster than you would expect.
- Liquidity is the trade
- Money paid to principal is not money you can reach. It reduces interest, but it does not lower next month's required payment and it is not an emergency fund.
Other calculators
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.