Extra Mortgage Payment Calculator

The extra mortgage payment calculator compares two scenarios side by side: your original loan repayment schedule and an accelerated schedule that includes additional payments. You provide your loan amount, interest rate, loan term, and the amount of extra money you plan to pay each month beyond the required minimum. The calculator first generates a standard amortization schedule based on your original loan terms, calculating your required monthly payment and total interest over the full term. It then creates a second schedule that applies your extra payment directly to the principal balance each month. Because extra payments reduce the outstanding balance faster, less interest accrues in subsequent months, creating a compounding effect that accelerates payoff. The results show your new payoff date compared to the original, the total number of months eliminated from the loan, and the cumulative interest savings. For example, adding just $200 per month to a $280,000 mortgage at 6.75% can save over $80,000 in interest and cut more than six years off a 30-year term. The calculator also supports different extra payment strategies including monthly additions, annual lump sums, and one-time principal reductions. A visual comparison chart plots both payoff curves so you can see how your balance declines faster with extra payments. This helps you evaluate whether directing surplus cash toward your mortgage or investing it elsewhere provides the better financial outcome for your specific situation.