Mortgage & loan extra payment calculator
This extra loan payment calculator answers a common planning question: if I pay more than the minimum, how much interest will I save and how much sooner will I be debt-free? It works like a mortgage additional payment tool—enter loan amount (or current balance), rate, and term, then add a recurring extra monthly payment, an annual bonus toward principal, or a one-time prepayment. Results show a clear with vs without extras comparison, updated payoff date, and a downloadable amortization schedule.
How to use this additional payment calculator
- Enter loan amount, annual rate, and term (years or months). Already several years in? Use your current balance and remaining term, or use the loan payoff calculator for balance-first wording.
- Optional: loan start date so payoff dates show on a calendar, not just “month 240.”
- Set extras—try quick presets ($100 / $200 / $500 per month) or type custom amounts. Stack monthly + yearly + one-time if you want.
- Read interest saved and months sooner in the comparison panel; scroll the schedule to see each extra applied to principal.
- Copy link, CSV export, or print the schedule to keep a scenario.
Example: $200,000 at 6.5% for 30 years, extra $200/month
Scheduled principal and interest is about $1,264. Paying an extra $200 every month on top of that often cuts the loan by many years and saves tens of thousands in interest versus no extras (exact numbers appear in the calculator above). The first years still carry heavy interest, so extras early in the loan usually matter most.
Example: $10,000 lump sum in month 1
A single $10,000 prepayment right after closing (payment month 1) reduces the balance immediately. You pay less interest on every future month even if you never add another extra. Combine a lump sum with a small monthly extra to see combined effect in one view.
Example: $5,000 extra every year in December
Use extra each year and set the month to 12 to model an annual bonus or tax refund applied to principal. Yearly extras behave like twelve equal monthly extras spread unevenly—check the schedule’s “extra” column by year view for a quick total.
How extras are applied in the schedule
Each period: interest on the opening balance, scheduled principal from your payment, then your extra toward principal. Extras never reduce the quoted minimum payment—they shorten the loan after you pay the required amount. This matches typical U.S. fixed-rate amortizing loans; your servicer may round differently or require you to mark payments as “principal only.”
Extra payments vs biweekly vs refinancing
Biweekly half-payments (26 per year) resemble one extra monthly payment per year. Model biweekly on the loan calculator or the biweekly mortgage calculator for home loans with PITI. Refinancing changes rate and term; extras keep your current loan but pay it down faster. Compare both strategies on your numbers.
When extra payments help most
- Long terms (30-year mortgage, multi-year auto) with high total interest.
- Stable rate above what you earn on cash—paying principal is a guaranteed “return” equal to the loan rate.
- When you have no higher-cost debt and adequate emergency savings.
If your lender charges prepayment penalties (uncommon on many consumer mortgages but possible on some loans), factor that in before paying large lump sums. This tool does not model penalties or escrow.
Frequently asked questions
How do extra payments reduce interest?
Lower balance sooner → less interest accrues each month. The comparison panel totals interest with and without your extras.
Should I pay extra on mortgage or invest?
Depends on rate, tax deduction, risk tolerance, and other goals. This calculator only shows loan math—not investment advice.
Where is PITI for a home purchase?
This page is principal and interest only. For price, down payment, taxes, insurance, and HOA, use the mortgage calculator, then return here with your loan amount to test extras.
Can I export or share my scenario?
Use copy link in the form; CSV and print are under the amortization schedule toolbar.