Mortgage Extra Payment Calculator
Model recurring, delayed, annual and one-time principal payments against the exact years remaining on your mortgage.
What Is the Mortgage Extra Payment Calculator?
The Mortgage Extra Payment Calculator builds month-by-month baseline and accelerated amortization schedules from the current balance, interest rate and actual years remaining. Use the calculated scheduled payment or supply the real principal-and-interest amount, then model delayed monthly extras, a timed one-time payment and recurring annual principal. It reports payoff month and year, time and interest saved, total extra principal, final payment and year-one schedule detail.
How It Works
Enter the current balance, rate and years remaining. Choose the calculated payment or your actual principal-and-interest payment, then add any monthly, one-time or annual principal strategy and its start month.
When to Use It
Use it before setting up recurring extra payments, after a windfall, or when comparing extra payments against refinancing or investing.
Frequently Asked Questions
- Does It Include Taxes And Insurance?
- No. Use only the principal-and-interest portion of your payment; escrow amounts do not reduce the balance.
- Why Do Years Remaining Matter?
- The remaining term determines the scheduled payoff horizon and, when you use the calculated-payment mode, the principal-and-interest payment needed to finish on time.
- Do Extra Payments Always Work This Way?
- Only when the servicer applies them to principal. Confirm the payment is not being treated as an early next-month payment, and check for prepayment penalties on some loans.
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