Extra Payments Calculator

Over the course of a loan amortization you will spend hundreds, thousands, and maybe even hundreds of thousands in interest. By paying extra toward your principal each month, you stand to greatly accelerate the term of the loan and could save a bunch of money on interest.

To see how much you could save, and how much you could shorten the life of your loan, run the numbers through our paying extra mortgage calculator.


Over the course of a loan amortization you will spend hundreds, thousands, and maybe even hundreds or thousands in interest. By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments. Use our extra payment calculator to determine how much more quickly you may be able to pay off your debt.


Enter the total amount of the loan. This would be the original amount before any payments to the principal

Enter the number of payments already made


0% to 40%


Enter the current amount you pay.


Enter the amount of extra you'd like to pay.

(30 yrs=360) (15 yrs=180)

Based on the numbers you provided, here is your estimated savings if you make extra payments. Want to see more options? Enter new numbers, calculate and compare.

Making extra payments of $500/month could save you
in interest over the life of the loan.
You could own your house 13years sooner than under your current payment
Current Payment:
New Payment:

Total Interest with extra Payments


Years to payoff with extra payments


Total Interest without extra payments


Years to payoff without extra payments

28 years

These calculations are tools for learning more about the mortgage process and are for estimation purposes only. Payment shown does not include taxes, insurance, or mortgage insurance (if applicable). This does not constitute an offer or approval of credit. Contact a PrimeLending home loan officer for actual estimates.

For example, a Conventional fixed rate loan with the terms purchase price of $300,000, on a loan term of 360 months, down payment of 20%, and an interest rate of 3.125%, will result in an annual percentage rate of 3.188% with $1900 in APR fees. Rate pulled 09/16/21, rates change daily. Loans are subject to borrower qualifications, including income, property evaluation, and final credit approval.


Why should I pay extra?

Paying extra toward your mortgage payment doesn’t mean you have to make a full second payment each month. You could choose to round up your payment to the next hundred or you could make an extra half payment. The most important part of calculating how to make extra mortgage payments is making sure you stay within your budget.

By paying more than your required monthly mortgage payment, you can put that extra money directly toward the principal amount on your loan. Your interest payment is based on your principal balance, so by applying your extra payment to your principal, you could pay less in interest over time.

A few other reasons some borrowers put extra money toward their mortgage payment each month are:

  • Paying off the mortgage early
  • Staying ahead of monthly payments
  • Building equity sooner

How many years does one extra mortgage payment take off?

When it comes to making an extra mortgage payment, the amount extra amount you pay is as flexible as your budget allows. You can choose to make a full extra payment, or maybe rounding up to the nearest hundred works best for you. No matter how much extra you pay each month, that amount can help shorten the life of your loan. Even making one extra mortgage payment each year on a 30-year mortgage could shorten the life of your loan by four to five years. Using the calculator above, you can input your loan specifics to learn how making an extra payment could affect your mortgage.

Do extra payments automatically go toward principle?

The original amount you borrowed for your mortgage is called the “principal” balance. The interest that accrues on your loan is determined by your loans interest rate. When you make an extra payment, the funds are first applied to the outstanding accrued interest. After that, the rest of the money will be applied to your principal balance. Depending on the terms of your loan, you may be able to specify that you want your extra payment to be applied towards the principal balance in which case the extra money will pay down your principal balance.

Is it worth paying extra on your mortgage?

Making an extra payment on your mortgage can help you pay off your mortgage early. It also helps reduce the principal balance quicker which means there is less principal to gain interest. In the long run, your extra payments could help you save money as well as reducing the length of your loan term.