Extra Mortgage Payment Calculator
See how much interest and time an extra monthly payment removes.
How this number is built
Doing it by hand
Step 1
Enter the current balance and the rate on your note.
Step 2
Add the extra amount you can pay consistently rather than an optimistic figure.
Step 3
Confirm with your servicer that extra payments are applied to principal.
Step 4
Consider one annual lump from a bonus or refund instead of a monthly amount.
Step 5
Compare the guaranteed saving against higher-rate debt you could clear first.
What people ask next
Is there a prepayment penalty?
Most current mortgages have none, but older or non-conforming loans sometimes do. Check the note.
Better to invest instead?
If your expected after-tax return clearly exceeds the mortgage rate, investing can win. The mortgage payoff is the certain option.
Searches this page answers
| Related search | Goes to |
|---|---|
| extra mortgage payments | How to Calculate Extra Mortgage Payment |
| pay off mortgage early | How to Calculate Extra Mortgage Payment |
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