Mortgage Extra Payments Calculator

How extra mortgage payments work

Every extra dollar you pay on your mortgage goes entirely toward reducing the principal balance — none of it is absorbed by interest. A smaller principal means less interest accrues next month, which means even more of your regular payment goes to principal. This snowball effect is why even modest extra payments can cut years off a 30-year mortgage.

Extra annual payments — like a year-end bonus or tax refund — can be especially powerful. Because they reduce the principal in one large chunk, they reset your amortization schedule from a lower starting point for all future months.

Tips for paying off your mortgage faster

• Even $100–$200 extra per month can shave 4–6 years off a 30-year loan at typical rates.
• Direct your annual bonus or tax refund as a lump-sum extra payment.
• Check your mortgage terms: most conventional loans have no prepayment penalty, but some do.
• If your rate is low, compare the interest saved against potential investment returns before aggressively prepaying.

How much sooner will I pay off my mortgage if I paid an additional $100 per month?

If you've ever asked yourself that question, this calculator can give you an exact answer in seconds. Let's say you owe $300,000 on a 6% mortgage with 25 years left — adding just $100 a month to your payment would cut roughly 3 years off your loan and save over $20,000 in interest. Bump that to $200 extra per month and you're looking at nearly 6 years gone and $35,000 saved. The earlier you begin making extra payments, the more powerful the effect — every dollar of principal you eliminate today is a dollar that would have kept compounding interest against you for years to come. Enter your own numbers above to see exactly what extra payments would do for your mortgage.

How much sooner will I pay off my mortgage if I paid an additional $1,000 per month?

At $1,000 extra per month, the results are dramatic. On that same $300,000 mortgage at 6%, an additional $1,000 a month would pay off the loan in roughly 11 years instead of 25 — cutting more than 14 years off your schedule and saving well over $100,000 in interest. At this level, you're not just trimming years off the edges; you're fundamentally compressing your loan into less than half its original term. Whether you've come into extra income, paid off another debt, or just want to make an aggressive push toward owning your home free and clear, $1,000 a month extra is the kind of move that changes your financial picture significantly. Use the calculator above to run the numbers for your specific balance and rate.