Mortgage Calculator With Extra Payments 2025
See how extra payments save you $50,000+ and cut 7 years off your mortgage. Free calculator updated December 2025.
✅ Updated December 14, 2025 • 150,000+ calculations performed
Enter Your Information
Your Savings
Enter your information and click "Calculate" to see how much you'll save.
Want Even Bigger Savings? Refinance to a Lower Rate!
Combine a lower interest rate with extra payments for MAXIMUM savings. See how much you could save by refinancing.
Compare Refinance Rates →✓ Lower rate + extra payments = Maximum savings ✓ Compare 5+ lenders
How Extra Payments Work
1. Goes to Principal
Extra payments go directly to your loan principal, reducing the balance faster.
2. Less Interest
Lower principal means less interest charged each month, compounding your savings.
3. Earlier Payoff
You pay off your mortgage years earlier and save thousands in interest.
Mortgage Calculator With Extra Payments: FAQ
How does a mortgage calculator with extra payments work?
A mortgage calculator with extra payments shows you how additional monthly payments reduce your loan balance faster. Extra payments go directly to principal, reducing total interest and shortening your loan term. For example, $200/month extra on a $400,000 loan at 7% saves $89,000+ in interest and pays off 7 years early.
How much can I save with extra mortgage payments?
Savings depend on your loan amount, rate, and extra payment amount. On a typical $400,000 mortgage at 7%: $100/month extra saves $47,000 and cuts 4 years off. $200/month extra saves $89,000 and cuts 7 years off. $500/month extra saves $142,000 and cuts 12 years off.
Should I make extra mortgage payments or invest?
Compare your mortgage rate to expected investment returns. If your mortgage is 7% and investments average 8-10%, investing may yield more. However, extra mortgage payments offer guaranteed, risk-free returns equal to your interest rate. Many homeowners do both for diversification.
When is the best time to make extra payments?
Earlier is better! Extra payments in the first years of your mortgage save the most because your balance is highest. A $200 extra payment in year 1 saves more than the same payment in year 20. Start making extra payments as soon as possible for maximum impact.
Are there penalties for making extra mortgage payments?
Most conventional, FHA, and VA loans have NO prepayment penalties. However, some loans (especially older ones or certain jumbo loans) may have penalties in the first 3-5 years. Check your loan documents or contact your lender to confirm before making extra payments.