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What does an extra $300 a month do to your mortgage?
On a $350,000 mortgage at 6.5% over 30 years, an extra $300 a month saves about $142,994 in interest and 8 yr 3 mo. See your own numbers below.
Your extra-$300 plan
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Estimates only, not a loan offer. Excludes taxes, insurance and fees unless entered. See our disclaimer.
A serious dent in your payoff
The calculator is pre-set with an extra $300 a month on a sample $350,000 loan at 6.5% (standard payment about $2,212.24). That extra takes roughly 8 yr 3 mo off the loan and saves about $142,994 in interest. Change the figures to match your mortgage.
At this level you're meaningfully reshaping the loan — far more of each payment attacks principal from the start, and you avoid years of interest at the back end.
Compare other amounts
See the effect of $100 extra or $500 extra a month, or solve for a specific finish line with the pay-off-in-15-years calculator.
Frequently asked questions
- How much does an extra $300 a month save on a mortgage?
- On a $350,000 mortgage at 6.5% over 30 years, an extra $300 a month saves about $142,994 in interest and clears the loan roughly 8 yr 3 mo early. Adjust the inputs above for your loan.
- Is paying $300 extra a month a good idea?
- If your higher-interest debt is handled and you have an emergency fund, extra principal is a guaranteed, fee-free return equal to your mortgage rate. The trade-off is locking that cash into home equity instead of keeping it liquid or invested.
- Will $300 extra lower my monthly payment?
- No — it shortens the term and cuts total interest, but the required payment stays the same unless you recast the loan. To lower the payment instead, look at a recast or refinance.