Same monthly payment
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Extra Payment Calculator
See exactly how much a monthly extra, a lump sum, or both will save you in interest and how many years it shaves off your loan.
New payoff date
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Interest saved
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over the life of the loan
Time saved
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off your term
Total interest: baseline vs. extra payments
Why extra payments work so well
Extra principal payments go 100% toward your balance, so they cut the interest charged on every future month and erase the interest-heavy tail of your loan. The result is savings far larger than the size of the payments themselves.
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Frequently asked questions
How much do I save paying extra on my mortgage?
It depends on your balance, rate, and term, but even $100–$200 a month typically saves tens of thousands in interest and cuts years off the loan. Enter your numbers above to see your exact figure.
When do extra payments save the most?
Early in the loan, when the balance and interest are highest. The same extra dollar saves far more in year 2 than in year 25.
Can I combine a lump sum and monthly extra?
Yes. This calculator models both together so you can see the combined effect on your payoff date and interest saved.