Extra Payment Calculator
See how monthly, bi-weekly, one-time, or annual extra principal payments can help you pay off your mortgage early and save thousands in interest. Enter your loan details, choose a prepayment plan, and compare your new payoff date against your baseline schedule.
How Extra Payments Work
Mortgage payments are amortized: each payment includes interest (on the current balance) and principal (which reduces the balance). When you add extra principal, you lower the balance faster. That means less interest accrues next month—creating a compounding effect that shortens your term and cuts total interest.
- Monthly extra: Add a fixed amount to each payment for consistent acceleration.
- Bi-weekly: Make half your monthly payment every two weeks → 26 half-payments ≈ 13 full payments per year.
- One-time: Apply a lump-sum (e.g., bonus or tax refund) to principal in a chosen month.
- Annual: Add a yearly curtailment (e.g., every December) for steady interest savings.
Disclaimer: This calculator is for education only. Your lender’s servicing rules may vary. Always confirm prepayment application and whether there are any restrictions or fees.