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Free calculator · Estimates only

Extra payment calculator.

See how an extra monthly payment toward principal changes your total interest and payoff date, with a year-by-year or month-by-month amortization schedule.

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How to use itEstimates only
  1. Run it once with $0 extraNote the total interest and payoff date.
  2. Add an extra paymentEnter an extra monthly amount and press Calculate.
  3. Compare the twoThe difference is your estimated interest saved and time saved.

The calculator opens with example numbers. Replace them with your own.

Calculator

Amortization calculator

Enter your loan and an optional extra monthly payment, then select Calculate. The calculator opens with example numbers; replace them with your own.

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Monthly payment

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Principal & Interest

Total interest
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Total paid
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Payoff date
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Estimates only and do not constitute a loan offer or commitment. Actual payment amounts will vary based on final approved rate, term, taxes, insurance, HOA dues, and other factors. Consult a licensed loan officer for exact figures.

Amortization schedule

Scroll the table to see every period.

Amortization schedule
PeriodPaymentPrincipalInterestBalance

Ready for real numbers?

This calculator gives you an estimate. A licensed loan officer can review your loan and your options with you.

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How it works

Using the extra payment calculator.

The calculator shows one scenario at a time, so run it with and without an extra payment to compare.

What the inputs mean

Loan amount
The amount borrowed, or your current balance.
Interest rate
The yearly rate on the loan. The calculator opens with an example rate. Replace it with your own.
Loan term
30, 20, 15, or 10 years.
Extra monthly payment
An amount added to every monthly payment and applied to principal, starting with the first payment.
Schedule view
Choose a yearly summary or the full month-by-month schedule. Press Calculate to update the results.

How to read your results

  • Monthly payment is the required principal and interest. It does not include your extra payment.
  • Total interest and total paid reflect your extra payment, if you entered one.
  • Payoff date counts from the current month, with the first payment this month.
  • The schedule shows how each payment splits between principal and interest, and the balance after each period.
  • Reset puts the example numbers back.

What this calculator does not include

  • Property tax, homeowners insurance, mortgage insurance, and HOA dues.
  • One-time or lump-sum extra payments, or a biweekly payment schedule.
  • The history of a loan you already have. For an existing loan, enter your current balance and rate and pick the term closest to the years you have left. The result is a rough estimate.
  • Your servicer's rules. Check your loan documents or ask your servicer how to send extra principal payments.

Results are estimates for educational purposes. They are not a loan offer or a commitment to lend.

Keep exploring

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FAQ

Extra payment questions.

How does an extra payment lower my total interest?

Interest each month is figured on the remaining balance. An extra principal payment lowers the balance sooner, so later interest charges are smaller and the loan can be paid off earlier.

Why doesn't the monthly payment change when I add an extra payment?

The monthly payment shows the required principal and interest. Your extra amount is added on top and goes to principal, so it shortens the payoff instead of changing the required payment.

How do I see how much I could save?

Run the calculator with $0 extra and note the total interest and payoff date. Then enter your extra payment and press Calculate again. The difference is your estimated savings.

Can I use this for a mortgage I already have?

As a rough estimate, yes. Enter your current balance and rate and pick the term closest to the years you have left. The calculator treats it as a new loan that starts this month.

Is this a loan offer?

No. The results are estimates for educational purposes, based on the numbers you enter. They are not a loan offer, a loan approval, or a commitment to lend.

Let's talk

Get your real numbers.

Send a few details and a licensed loan officer will follow up to run your scenario with you. Prefer to move now?

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