Mortgage & Home Equity•Accelerated Payoff & Savings
Extra Mortgage Payment Calculator
See how much interest you'll save when you pay extra mortgage principal each month. Use our free extra mortgage calculator to model accelerated payoff schedules and custom monthly contributions.
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Deep-Dive Guide
Read GuideShould You Pay Extra on Your Mortgage? The Real Math
See the complete math breakdown of compounding interest savings, principal-only designations, and payoff acceleration.
Frequently Asked Questions
Fact-checked guidance grounded in principal reduction mechanics.
Does paying extra on my mortgage actually save money?▾
Yes. Every extra dollar you pay above your required monthly PITI payment goes directly toward reducing your principal loan balance. Because interest is calculated monthly on your remaining principal, lowering the balance reduces the compound interest charged over the remaining loan term.
Should extra payments go toward principal specifically?▾
Yes. When making an extra payment online or by check, explicitly designate the additional amount as a 'Principal Only' payment. This ensures your loan servicer applies 100% of the funds to reduce your loan balance rather than holding it as prepaid future monthly installments.
Is there a penalty for paying off my mortgage early?▾
Most modern conventional, FHA, and VA home loans have zero prepayment penalties under federal regulations. However, some specialized or private non-conforming mortgages may feature prepayment penalty clauses during the first 1 to 3 years. Always check your Promissory Note.
How much sooner can I pay off my loan with an extra $100–$200/month?▾
On a typical $300,000 30-year fixed mortgage at 6.5% interest, adding $200 per month reduces your payoff timeline by nearly 7 years (6 years 11 months) and saves over $103,000 in total interest costs.