Extra Payment Mortgage Calculator to Calculate Mortgage Payoff Savings

Extra Payment Mortgage Calculator Sign

This free online mortgage amortization calculator with extra payments will calculate the time and interest you will save if you make multiple one-time lump-sum, 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.

Special Instructions

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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. Then, once the higher-interest credit balances are paid off, redirect those 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. Also, ask if the extra payments will be applied to the principal as they are made, as some lending institutions will escrow the extra payments and only apply them at the end of the mortgage.

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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.