Mortgage Extra Payment Calculator

Even a small extra payment each month can save you tens of thousands of dollars and shave years off your mortgage. On a $250,000 loan at 6.5%:

• $100 extra/month saves $42,000 and 4 years
• $200 extra/month saves $73,000 and 7 years
• $500 extra/month saves $130,000 and 12 years

The earlier you start, the bigger the impact. Interest is front-loaded in a mortgage — extra payments in year 1 save far more than extra payments in year 20.

Use our debt payoff calculator for credit cards and other debts.