Mortgage Extra Payments Calculator
Calculate time and interest saved with extra monthly principal, bi-weekly schedules, or lump-sum payments.
Loan Parameters
Add extra payments or a lump-sum recast to see how much interest you save.
26 half-payments per year instead of 12 monthly payments.
Interest Saved
$108,917
Over 30 years
Time Saved
6 yr 1 mo
Payoff Date: Aug 2050
Monthly P&I
$2,275.44
Over 30 years
Total Interest: $459,160
Interest Saved
$108,917
6 yr 1 mo
Total Interest: $350,243
Principal vs. Interest Over Time
How Extra Payments Save You Thousands
Every extra dollar you pay toward your mortgage principal reduces the balance on which future interest is calculated. Because interest accrues on the remaining balance, each extra payment creates a snowball effect: less interest in every subsequent payment, which means more of your regular payment goes to principal. Over time, this compounding effect can save you tens of thousands of dollars and eliminate years from your loan.
Extra Monthly Principal
Adding $200 extra to principal every month on a $360,000 mortgage at 6.5% can save over $60,000 in interest and cut more than 7 years off the term. The impact is greatest when you start early — extra payments in the first few years have the largest compounding effect.
Bi-Weekly Payments
A bi-weekly schedule (26 half-payments per year) results in one extra full payment each year. On a 30-year mortgage at 6.5%, this can save over $50,000 in interest and pay off the loan 4-5 years early, without feeling a significant increase in monthly cash flow.