Mortgage payoff calculator with extra payments
See how a little extra toward principal each month, or once a year, could shorten your loan and lower the total interest you pay, with a year-by-year schedule.
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Paid off 0 years sooner
- Principal and interest, per month
- $0
- Payoff without extra payments
- -
- Payoff with extra payments
- -
- Total interest, as scheduled
- $0
- Total interest, with extra payments
- $0
Year-by-year schedule
| Year | Principal paid | Interest paid | Balance left |
|---|
Estimate only. Principal and interest only: property tax, insurance and mortgage insurance aren't included. Before sending extra payments, ask your loan servicer how to mark them for principal and whether your loan has any prepayment terms.
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What the calculator counts
- Your scheduled payment. Principal and interest on the balance, rate and years left that you enter.
- Extra payments. The extra monthly amount goes to principal every month. The once-a-year amount goes to principal at the end of each year.
- Interest saved. Total interest as scheduled, minus total interest with your extra payments, until the balance reaches zero.
- The schedule. Principal paid, interest paid and the balance left at the end of each year.
Paying extra isn't the right move for everyone. Some people put extra money toward higher-cost debt, savings or retirement first. If you have mortgage insurance, extra principal can also bring you closer to removing it. Tom can walk through your loan and whether extra payments or a refinance fit your plans.
Do extra payments lower my monthly payment?
Usually not. On most fixed-rate loans, extra principal shortens the loan and cuts the total interest, but the required monthly payment stays the same. Some servicers offer a recast, which re-figures the payment on the lower balance after a lump-sum payment; ask yours whether it's available and what it costs.
What about paying every two weeks?
A biweekly plan adds up to one extra monthly payment a year, since 26 half-payments equal 13 full ones. You can get about the same effect by adding a twelfth of a payment each month in the calculator above. If a company charges a fee to set up biweekly payments, compare that with doing it yourself.
How do I make sure extra money goes to principal?
Ask your loan servicer how to mark it. Many let you enter an extra principal amount online or note it on the payment coupon. Check your next statement to confirm the balance went down by that amount.
Should I pay extra or refinance?
They solve different problems. Extra payments shorten the loan you have. A refinance replaces it, which can change the rate, the term or the payment, and has closing costs. The break-even calculator shows how long a refinance takes to pay for itself, and Tom can compare both for your loan.
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