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
Interest Rate 5.00% 5.00% 5.00%
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.