Mortgage payment calculator with extra payments and amortization

Mortgage Payoff Calculator (2a) Extra Monthly Payments Who This Calculator is For: Borrowers who want an amortization schedule, or want to know when their loan will pay off, and how much interest they will save, if they make extra voluntary payments in addition to their required monthly payment. What This Calculator Does:This calculator provides amortization schedules for mortgages, with or without additional payments. If additional payments are made, interest savings and reduction in length of loan are calculated.

Mortgage Payoff Calculator Uses

With this mortgage payoff calculator, estimate how quickly you can pay off your home. By calculating the impact of extra payments, you can learn how to save money on the total amount of interest you’ll pay over the life of the loan.

Planning to Pay Off Your Mortgage Early?

Use the "Extra payments" functionality to find out how you can shorten your loan term and save money on interest by paying extra toward your loan's principal each month, every year, or in a one-time payment.

Understand Your Mortgage Payment

Your mortgage payment is defined as your principal and interest payment in this mortgage payoff calculator. When you pay extra on your principal balance, you reduce the amount of your loan and save money on interest.

Keep in mind that you may pay for other costs in your monthly payment, such as homeowners’ insurance, property taxes, and private mortgage insurance (PMI). For a breakdown of your mortgage payment costs, try our free mortgage calculator.

Accelerate Your Mortgage Payment Plan

Get creative and find more ways to make additional payments on your mortgage loan. Making extra payments on the principal balance of your mortgage will help you pay off your mortgage debt faster and save thousands of dollars in interest. Use our free budgeting tool, EveryDollar, to see how extra mortgage payments fit into your budget.

Calculate Different Scenarios

See how early you’ll pay off your mortgage and how much interest you’ll save.

Let’s say your remaining balance on your home is $200,000. Your current principal and interest payment is $993 every month on a 30-year fixed-rate loan. You decide to make an additional $300 payment toward principal every month to pay off your home faster. By adding $300 to your monthly payment, you’ll save just over $64,000 in interest and pay off your home over 11 years sooner.

Consider another example. You have a remaining balance of $350,000 on your current home on a 30-year fixed rate mortgage. You decide to increase your monthly payment by $1,000. With that additional principal payment every month, you could pay off your home nearly 16 years faster and save almost $156,000 in interest.

Do this calculation FIRST -as if you're NOT making extra payments. Remember! Paying down the principal on your loan more quickly will not reduce the minimum monthly payment or allow you to skip a payment until the loan is paid in full. Most loans (mortgage and other) in the United States compound interest monthly. Mortgage loans in Canada compound interest semiannually. FYI 30 years=360 months 25 years=300 months 20 years=240 months 15 years=180 months 10 years=120 months   5 years=  60 months   3 years=  36 months

EXAMPLES:

1. If you want to calculate how much a mortgage payment will be on a $200,000 mortgage at 4.25% interest for 360 months (30 years), you would enter:
   
   • 200000 (or 200,000) = Loan Amount
     
   • 360 = Months
     
   • 4.25 = Interest Rate (Compounded Monthly)
     
   • Press the Payment button, and you'll see that your payment would be $983.88. You will pay about $154,196.69 in interest over the life of this loan. If you're viewing an amortization schedule, make sure that the month and year of your first payment is reflected in the first payment due field (in this example -June 2019).

   Now, let's say you would like to make extra monthly principal payments of $116.12 (to round the payment to $1100) for the next 10 years starting in July of 2019. You'll enter:

   • Monthly for how often extra principal payments will be made.
     
   • 116.12 for the extra payment amount
     
   • Select July 2019 as the beginning extra payment date
     
   • Select July 2029 as the ending date. (June will actually be the last extra payment.)
     
   • Press the View Amortization Schedule button, and you'll see that your mortgage will be paid in 322 months (instead of 360 months) and you'll pay about $130,404.14 interest (instead of $154,196.69).
   
   
2. In this next example, let's say you took out a 30 year (360 months), $200,000 mortgage in May of 1996 (first payment due June 1996) at 7.5% interest. Your required payments are $1398.43. Because of the relatively high interest rate, you have been making monthly payments of $1500 (which you intend to continue) with the excess going to principal.
   Enter:
   
   • 200,000 = Loan Amount
     
   • Leave the Months field blank
     
   • 7.5 = Interest Rate (Compounded Monthly)
     
   • 1500 = Payment
     
   • Select June 1996 for when the first payment was due.
   • Press the Months button, and you'll see that you'll pay $1500 for 287.58 months before your mortgage will be paid in full. You'll pay about $231,365.95 interest over the life of this loan.

   In Jan of 2014 you received an inheritance of $25,000 and decided to apply it to your mortgage principal.  When will the mortgage be paid in full?
   Enter:

   • Select One-Time-Only
     
   • 25000 extra payment
     
   • Select Jan 2014 for when you'll make the extra payment
     
   • Leave the ending date as is. Just make sure the year is later than the extra payment year. It will not affect the calculation.
     
   • Now, press the View Amortization Schedule button. You'll see that your mortgage will be paid in just 263 months (instead of 288 months) and you'll pay just $219,223.55 interest (instead of $231,365.95). You'll make your final mortgage payment in April of 2018!
   
   

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How fast can you pay off mortgage with extra payments?

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Does my amortization schedule change with extra payments?