Extra Mortgage Payment Calculator
See how much time and interest you save by adding to your mortgage payment — monthly, yearly, or one-time.
Inputs
How it works
We amortize the loan twice — the standard schedule and the schedule with your extras applied every month (plus any annual and one-time additions) — then compare total interest and payoff dates.
Frequently asked questions
Where should I send the extra?
Confirm the lender applies extras to principal, not to prepay future payments. Note it in the memo line or use the online principal-only field.
Are extra payments better than investing?
It depends on your after-tax mortgage rate vs. your expected investment return. Use our Payoff vs. Invest calculator for a side-by-side.
Do all mortgages allow extra payments?
Nearly all modern U.S. mortgages allow them penalty-free. Check your note for a prepayment penalty clause on older or non-QM loans.
Recast vs. extra payments?
Extras shorten the loan but keep the payment the same. A recast re-amortizes the balance to lower the monthly payment while keeping the original payoff date.
Biweekly instead?
Biweekly effectively adds one extra monthly payment per year. Use our Biweekly calculator to compare.
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View all mortgage →Results are estimates for educational purposes only and are not financial advice. Verify with a qualified professional before making decisions.
Last updated January 1970