Extra Payment Mortgage Calculator to
Calculate Mortgage Payoff Savings

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Shows you the interest savings for extra mortgage payments made on a one-time, reoccurring monthly, and/or reoccurring annual basis.

This free online Extra Payment Mortgage Calculator will calculate the time and interest you will save if you make one-time, monthly, and/or annual extra payments on your house loan.

If you would rather calculate the size of the monthly prepayment needed to pay off your mortgage within specified time frame, please visit the Early Mortgage Payoff Calculator.

Or, if you are only interested in making monthly prepayments, please visit the Prepay Mortgage Calculator.

Things to Consider Before Making Extra Payments On Your Mortgage

If you have other credit balances that have a higher rate of interest than your house loan, you will save more time and money if you pay off the higher-interest credit balances first, and then redirect those higher-interest debt payments to paying off your mortgage.

Or, if your employer matches all or part of your 401K contributions, you might come out ahead by contributing the extra payments to your 401K instead. So be sure to run your plans past a qualified financial planner (one who will not be earning commissions from your investments, and who is not trying to sell you life insurance) before starting your extra payment mortgage plan.

Also be sure to check with your home lender to make sure you can make extra payments on your mortgage without penalty. Believe it or not there are lending institutions out there that will penalize you for attempting to reduce the massive bonuses they pay to the top executives -- despite the fact that they will still make a great deal of money on your house loan.

Get Your Share of the Bailout Money!

Here's a pet peeve of mine. During the early 2000s, lending institutions borrowed too much money to people who had not proven themselves to be credit-worthy, all for the purpose of getting as rich as legally possible on the backs of hard working men and women. In a nutshell, this ultimately caused the financial dominoes to start falling that eventually led to the economic collapse of 2009 -- which put many of those hard working men and women out of work and out of their homes.

And what happened to those that managed to keep their jobs and stay in their homes? They were saddled with having to foot the bill for bailing out the failing financial institutions that were responsible for the financial meltdown in the first place. And what did those financial institutions do with a large chunk of their bailout money? They used it to pay outrageous bonuses to the same top executives whose idiotic decisions put millions of Americans out of their jobs and homes.

Does that make you mad? Mad enough to do something about it? If so, then here's idea on how to get back some of your tax dollars that ended up in the pockets of lending institution executives.

Accelerate your debt payoff and stop borrowing (renting) money from them!

Every dollar you add to paying off your debt early is like reaching into the pocket of one those overpaid executives and taking back a portion of the money you worked so hard to earn. Their pockets are teaming with money that was originally meant to support your family's future financial well-being -- but instead is being used to build lavish tennis courts and swimming pools in backyards of their second and third mansions.

The extra payment mortgage calculator on this page will show you that even foregoing small, non-essential purchases for the purpose of making extra payments on your debts (preferably your higher-interest debt first, then on your house loan) can take thousands of dollars of your money back from the executives whose ruthless quest for wealth nearly bankrupted your country (let's hope "nearly" remains true). Consider this savings as your rightful share of the Bailout money that was misappropriated to executive bonus checks.

With that, let's use the Extra Payment Mortgage Calculator to calculate how much time and interest you could save (earn back) if you make one-time, monthly, and/or annual extra payments on your home loan.

Calculate Mortgage Payoff With Extra Payments
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Instructions: Enter the original home loan amount, the annual percentage rate (APR), and the original home loan term in years.

Next enter one or more extra payment options (monthly, annually, or one-time) and then click the "Calculate Mortgage Extra Payment Savings" button.

Mouse over the blue question marks for a further explanation of each entry field. More in-depth explanations can be found in the glossary of terms located beneath the Extra Payment Mortgage Calculator.

Help Original home loan amount ($):
Help Annual interest rate (%):
Help Original home loan term in number of years (#):
Help Month and year of first mortgage payment:
Help Extra payment to add on a monthly basis ($):
Help Annual extra payment made each ($):
Help One-time extra payment in ($):
Help Current monthly principal and interest payment:
Help Payments made:
Help Current mortgage payoff amount:
Mortgage Payoff Comparison Months Interest
Help Without extra payments:
Help With extra payments:
Help Extra payment savings:

Extra Payment Mortgage Calculator Glossary of Terms

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Extra Payment Mortgage Calculator Entry Fields

Original home loan amount: The dollar amount of the original home loan (principal borrowed).

Annual interest rate: The annual percentage rate (APR) of the home loan.

Original loan term in number of years: The original repayment term of the home loan in number of years.

Date of first mortgage payment: Select the month and year of your first mortgage payment. If this is an existing mortgage the extra payment mortgage calculator will assume that a payment has not been made for the current month, so the current month will be used as the start of the amortization schedule.

Extra payment to add on a monthly basis: If you would like to add an extra payment on a reoccurring monthly basis, enter the monthly amount on this line. If no monthly extra payments are desired, leave blank or enter a zero.

Annual extra payment: If you would like to add an extra payment on a reoccurring annual basis, select the month of the year you plan to make the extra payment and then enter the annual amount on this line. If no annual extra payments are desired, leave blank or enter a zero.

One-time extra payment: If you would like to add an extra payment on a one-time, non-reoccurring basis, select the month and year of the one-time extra payment and then enter the amount on this line. If no one-time extra payment is desired, leave blank or enter a zero.

Extra Payment Mortgage Calculator Result Fields

Current monthly principal and interest payment: This is the amount of your current monthly principal and interest (PI) mortgage payment. This does not include property tax or insurance payments.

Payments made: This is how many payments you have made from your first payment through last month. If the current month is the same as the first payment date you selected, the number of payments made should be zero.

Current mortgage payoff amount: This is how much you still owe (principal balance) on your home loan after deducting all of the principal payments you have already made. If the current month is the same as the first payment date you selected, the current payoff amount should be the same as the original loan amount.

Without extra payments: This row shows the number of payments remaining on your loan and the amount of interest you will end up paying if you make no extra payments.

With extra payments: This row shows the number of payments remaining on your loan and the amount of interest you will end up paying if you do make the extra payments as entered into the top section of the extra payment mortgage calculator.

Extra payment savings: This row shows the time (months) and interest you could save if you do make the extra payments as entered into the top section of the extra payment mortgage calculator.

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