Mortgage Extra Payoff
Finance & LoansCalculate total interest savings and years shaved off your mortgage by making extra monthly, yearly, or one-time lump sum principal payments on your home loan.
Pays off in 23y 5m · interest saved 105,429
About this calculator
Because mortgage loans are heavily front-loaded with interest in the early years of amortization, applying additional funds directly to the loan principal creates compounding interest savings over the life of the loan.
This tool models how an extra $100, $250, or $500 monthly payment, or an annual tax-refund lump sum, shortens a 30-year mortgage into a 20- or 15-year timeline, saving tens of thousands of dollars in cumulative interest.
How It Works & Formula
Each monthly iteration applies regular interest against the remaining balance, deducts the scheduled principal payment, and deducts the extra principal payment. Amortization terminates as soon as the principal balance reaches zero.
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