Mortgage Calculators
Mortgage Payoff Calculator with Extra Payments
Compare monthly, yearly, one-time, and custom extra payments to see how much time and interest you could save.
4 strategies
monthly, yearly, one-time, custom
Interest saved
vs baseline payoff
Yearly schedule
downloadable CSV
Your payoff estimate
Estimated payoff time
0 years
Scheduled payment$0
Average monthly extra$0
Interest saved$0
Time saved0 months
Baseline interest$0
New interest$0
Total extra paid$0
Final month0
Balance over time
Interest saved by strategy
Yearly payoff schedule
| Year | Principal | Interest | Extra paid | Ending balance |
|---|
How this payoff calculator works
The calculator starts with the standard fixed-rate mortgage payment for the remaining balance, interest rate, and term. It then applies extra payments to principal when they occur: monthly extra payments every month, yearly extra payments every 12th month, a one-time extra payment in the selected month, and optional custom payments.
The baseline estimate assumes no extra payments. Interest saved is the difference between baseline interest and the interest after the selected extra payment strategy. Actual results depend on whether your lender applies extra payments to principal and whether any prepayment rules apply.
This calculator is for educational estimates only and is not financial, tax, legal, or lending advice.
Common questions
Should I make extra mortgage payments or invest instead?
This calculator only estimates mortgage interest savings. The better choice depends on your risk tolerance, tax situation, emergency savings, other debts, and expected investment returns.
Do extra payments always reduce principal?
They should only reduce your balance faster if your lender applies them to principal. Check your servicer's payment settings and confirm there is no prepayment penalty.
Why include one-time and annual payments?
Many borrowers use tax refunds, bonuses, or irregular cash flow for extra principal payments. Modeling those payments can be more realistic than assuming the same extra amount every month.