Extra Payment Mortgage Calculator to Calculate Mortgage Payoff Savings

Extra Payment Mortgage Calculator Sign

This free online calculator will calculate the time and interest you will save if you make one-time, weekly, quarterly, 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.

Finally, if you would like to change the extra payment amount after so many payments, please try using the Loan Affordability Calculator, which allows up to 8 different extra-payment modifications.

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Extra Payment Mortgage Calculator

Calculate mortgage payoff savings From one-time and/or reoccurring extra payments.

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Entry type:Entry type:Mortgage entry type:Mortgage entries will be based on:

Mortgage entries will be based on:

If you've been making regular scheduled payments, choose Original. Otherwise, if you've already been making extra or unscheduled payments, choose Current. The first four rows will change when you switch between Original and Current terms.

Orig loan:Original loan:Original loan amount:Original home loan amount:

Original home loan amount:

Enter the dollar amount of the original home loan (principal borrowed) without the dollar sign.

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Rate:Interest rate:Annual interest rate:Annual interest rate:

Annual interest rate:

Enter the annual percentage rate (APR) of the house loan without the percent sign (for 6.5%, enter 6.5).

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Orig years:Original years:Original term in years:Original home loan term in number of years:

Original home loan term in number of years:

Enter the original repayment term of the house loan in number of years (whole years only, i.e., no decimal point).

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Month-year of 1st payment:Month and year of 1st payment:Month and year of 1st payment:Month and year of first mortgage payment:

Month and year 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/wk:Extra/week:Extra weekly payment:Extra payment to add on a weekly basis:

Extra payment to add on a weekly basis:

If you would like to add an extra payment on a reoccurring weekly basis, enter the monthly amount on this line without the dollar sign. If no monthly extra payments are desired, leave blank or enter a zero.

Note that weekly extra payments are applied in a lump sum each month based on how many weeks are in the month (e.g., 31 days in January = 31 ÷ 7 = 4.429 weeks x weekly extra payment).

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Extra/mon:Extra/month:Extra monthly payment:Extra payment to add on a monthly basis:

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 without the dollar sign. If no monthly extra payments are desired, leave blank or enter a zero.

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Extra/qtr:Extra/quarter:Extra quarterly payment:Extra payment to add on a quarterly basis:

Extra payment to add on a quarterly basis:

If you would like to add an extra payment on a reoccurring quarterly basis, enter the quarterly amount on this line without the dollar sign. Note that quarterly payments will be allocated in the months of March, June, September, and December. If no quarterly extra payments are desired, leave blank or enter a zero. If no monthly extra payments are desired, leave blank or enter a zero.

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Extra/year:Extra/year:Extra annual payment:Extra annual payment:

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.

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One-time:One-time extra:One-time extra payment:One-time extra payment:

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.

Note that you can add up to 5 one-time payments. Simply select the number of one-time payments you would like to make, and the calculator will display that number of one-time payment rows.

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Schedule:Schedule:Include schedule:Include amortization schedule:

Include amortization schedule:

If you would like the results to include an amortization schedule, move the switch to the "Yes" position. Otherwise move the switch to the "No" position.

Crnt pmt:Current payment:Current P & I payment:Current monthly principal and interest payment:

Current monthly principal and interest payment:

Based on your entries, this is the amount of your current monthly principal and interest (PI) mortgage payment. This does not include property tax or insurance payments.

Pmts made:Payments made:Payments made:Number of payments made:

Number of payments made:

Based on your entries, 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.

Payoff:Payoff amount:Current payoff amount:Current mortgage payoff amount:

Current mortgage payoff amount:

Based on your entries, 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 number of payments made should be zero.

Extra Payment Savings Chart

Extra Payment Savings Chart:

After tapping the "Calculate Savings" button, the chart below will show the months remaining and the interest cost without making extra payments, with making the entered extra payments, and the difference between the two (savings).

Mortgage Payoff ComparisonMonthsInterest
Without extra:Without extra:Without extra payments:Without extra payments:
With extra:With extra:With extra payments:With extra payments:
Extra savings:Extra savings:Extra payment savings:Extra payment savings:

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools

Tips

Things to consider before making extra payments on your mortgage.

Things to Consider Before Making Extra Payments

Higher Interest Rate Debt

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.

Employer Matches 401K Contributions

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.

Will Extra Payments Be Applied or Escrowed?

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 an 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 the backyards of their second and third mansions.

The extra payment mortgage calculator will show you that foregoing small, non-essential purchases, for 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. Consider this savings as your rightful share of the Bailout money that was misappropriated to executive bonus checks.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.