How to Calculate Extra Mortgage Payment
See how much interest and time an extra monthly payment removes.
How this number is built
Calculating it yourself
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 | Extra Mortgage Payment Calculator |
| pay off mortgage early | Extra Mortgage Payment Calculator |
Tools that follow from this one
Mortgage Payment Calculator
Full monthly payment including tax, insurance, PMI and HOA — plus the amortisation curve.
Mortgage & PropertyHome Affordability Calculator
How much house your income supports under the 28/36 underwriting rule.
Mortgage & PropertyClosing Cost Calculator
Estimate cash needed at the table, line item by line item.
Mortgage & PropertyRefinance Break-Even Calculator
How many months until a refinance pays back its own closing costs.