Mortgage payment calculator with extra payments
Making extra payments on your mortgage can drastically reduce the number of years on the loan . . . and can save you a tremendous amount of interest. How much interest can you save with an extra payment every month? Take a look . . .
|Initial Loan Amount||$100,000||$200,000||$300,000|
|Term of the Loan||30 Years||30 Years||30 Years|
|Extra Monthly Payment||100||100||100|
|SAVINGS||Save $30,580 in interest. You will pay off your mortgage 8 years and 8 months early.||Save $37,069 in interest. You will pay off your mortgage 5 years and 2 months early.||Save $39,937 in interest. You will pay off your mortgage 3 years and 8 months early.|
If you’re thinking about refinancing your mortgage to a lower interest rate or decreasing the length of the mortgage, you might be wondering if it would be better to make an extra payment instead of going through the refinance process. The payoff calculator will estimate the time you can payoff the mortgage starting with your present balance.
This calculator will not accept partial months. For example, 26 years and 1 month. Please use whole numbers.
- Initial Loan Amount - The initial loan amount is the original loan amount on day one.
- Term of the Loan – How long was the mortgage for? Thirty years, 15 years, etc.
- Years Remaining – If the original term of the mortgage was 30 years, and you have been paying the mortgage for 5 years, enter 25 years in this box.
- Interest Rate – Enter the current interest rate
- Extra Payment – How much extra do you want to pay each month?