Mortgage Calculator with Extra Payments
Plan your home ownership acceleration. Calculate how adding extra payments directly to your principal cuts years off a 15-year or 30-year mortgage.
Loan Details
Accelerated Savings
Redirecting your saved monthly payments ($0/mo) for the 0 years you saved at a 7% annual return accumulates this wealth.
Understanding Extra-Payment Payoff Math
Should I pay extra on my mortgage every month?
Paying extra principal on your mortgage reduces the balance faster and saves significant money in compounding interest. Even an extra $100 a month can shave years off a 30-year mortgage and save tens of thousands in interest.
What is the difference between a 15-year and a 30-year mortgage schedule?
A 15-year mortgage has higher monthly payments but lower interest rates and a faster payoff schedule. A 30-year mortgage offers lower payments, but you pay more total interest. Adding extra payments to a 30-year mortgage lets you replicate a 15-year schedule's savings while retaining payment flexibility.
How does bi-weekly mortgage payment compare to extra monthly principal?
Making bi-weekly payments results in 13 full payments per year instead of 12. This achieves the same result as adding 1/12th of your standard payment as an extra principal payment every month.