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What does an extra $500 a month do to your mortgage?
On a $350,000 mortgage at 6.5% over 30 years, an extra $500 a month saves about $193,603 in interest and 11 yr 5 mo. Run your own numbers below.
Your extra-$500 plan
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Estimates only, not a loan offer. Excludes taxes, insurance and fees unless entered. See our disclaimer.
An aggressive payoff plan
The calculator is pre-set with an extra $500 a month on a sample $350,000 loan at 6.5% (standard payment about $2,212.24). That can take roughly 11 yr 5 mo off the loan and save about $193,603 in interest. Adjust the inputs for your own mortgage.
At $500 a month you're approaching the payoff speed of a 15-year mortgage — without committing to the higher required payment, since you can dial the extra back any month money is tight.
See other amounts
Compare $100 or $300 extra a month, or target an exact payoff date with the pay-off-in-15-years calculator.
Frequently asked questions
- How much does an extra $500 a month save on a mortgage?
- On a $350,000 mortgage at 6.5% over 30 years, an extra $500 a month saves about $193,603 in interest and pays the loan off roughly 11 yr 5 mo early. Set your own balance and rate above.
- Is it better to pay $500 extra or refinance to a 15-year loan?
- A 15-year refinance usually has a lower rate but makes the higher payment mandatory. Paying $500 extra on a 30-year loan reaches a similar payoff while keeping the lower required payment as a safety net. Compare both before deciding.
- Could that $500 do more invested?
- Possibly — investing carries risk but may out-earn your mortgage rate over time. Paying down the mortgage is a guaranteed return and reduces risk. The right mix depends on your rate, goals, and how much certainty you value.