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Extra payment mortgage calculator

Find out exactly how much an extra $100, $200 or $500 a month takes off your mortgage — in interest and in years.

Your extra-payment plan

Amortization schedule
#DatePaymentPrincipal InterestExtraBalance

Estimates only, not a loan offer. Excludes taxes, insurance and fees unless entered. See our disclaimer.

What does paying extra actually save?

The calculator above starts with an extra $200 a month already applied so you can see the effect immediately. Change the extra amount — try $100, $300 or $500 — and the interest saved, time saved and new payoff date update instantly.

Because mortgage interest is charged on your remaining balance, extra principal early in the loan is worth far more than the same amount later. That is why a small monthly extra, paid consistently from the start, can erase several years of payments.

Common extra-payment amounts

  • $100/month — an easy, low-commitment start that still saves five figures over a long loan.
  • $200/month — a popular middle ground (the default above).
  • $500/month — aggressive; can take roughly a decade off a 30-year mortgage.
Whatever amount you choose, download the schedule to Excel or PDF and keep it — it doubles as a record of how much interest you can deduct each year and proof of your payoff plan.

Frequently asked questions

How much does $100 extra a month save on a mortgage?
On a $350,000 loan at 6.5%, an extra $100/month typically saves a five-figure sum in interest and clears the loan a few years early. The exact figure depends on your balance, rate and remaining term — set the extra amount above to see yours.
Is it better to pay extra each month or once a year?
Paying extra every month saves slightly more than the same total paid once a year, because the principal drops sooner and less interest accrues in between. Both beat not paying extra at all.
What is the best amount of extra to pay?
There is no single best number — pay what you can sustain. Even small, consistent amounts compound. Use the calculator to find an extra payment that fits your budget and hits a payoff date you like.
Should I pay off the mortgage or invest instead?
Paying extra is a guaranteed return equal to your mortgage rate. Investing may earn more but carries risk. Many people split the difference. Compare your mortgage rate to expected after-tax investment returns before deciding.