Extra Payment Calculator
Add a recurring overpayment, a single lump sum, or both, and see how many months come off the term and how much interest never gets charged.
Illustrative — not a quoted rate.
Added to every payment, applied straight to principal.
A bonus, a gift, the sale of something.
Payment number, 1 to 360.
Interest you never pay
$131,786
and 6 years 7 months off the term
Illustrative. Check that your note allows principal-only overpayments without a penalty before relying on this.
The solid line is the loan left alone. The dashed line is the same loan with your extra payments — it reaches zero sooner.
Schedule with your overpayments applied
24 years, running totals at each year end.
| Year | Paid in year | Interest | Principal | Balance | Interest to date | Principal to date |
|---|---|---|---|---|---|---|
| Year 1 · 2026 | $33,339 | $25,777 | $7,562 | $392,438 | $25,777 | $7,562 |
| Year 2 · 2027 | $33,339 | $25,271 | $8,068 | $384,370 | $51,048 | $15,630 |
| Year 3 · 2028 | $33,339 | $24,731 | $8,609 | $375,761 | $75,779 | $24,239 |
| Year 4 · 2029 | $33,339 | $24,154 | $9,185 | $366,576 | $99,933 | $33,424 |
| Year 5 · 2030 | $33,339 | $23,539 | $9,800 | $356,775 | $123,472 | $43,225 |
| Year 6 · 2031 | $33,339 | $22,883 | $10,457 | $346,319 | $146,354 | $53,681 |
| Year 7 · 2032 | $33,339 | $22,182 | $11,157 | $335,162 | $168,536 | $64,838 |
| Year 8 · 2033 | $33,339 | $21,435 | $11,904 | $323,257 | $189,971 | $76,743 |
| Year 9 · 2034 | $33,339 | $20,638 | $12,702 | $310,556 | $210,609 | $89,444 |
| Year 10 · 2035 | $33,339 | $19,787 | $13,552 | $297,004 | $230,396 | $102,996 |
| Year 11 · 2036 | $33,339 | $18,880 | $14,460 | $282,544 | $249,276 | $117,456 |
| Year 12 · 2037 | $33,339 | $17,911 | $15,428 | $267,116 | $267,187 | $132,884 |
| Year 13 · 2038 | $33,339 | $16,878 | $16,461 | $250,654 | $284,065 | $149,346 |
| Year 14 · 2039 | $33,339 | $15,775 | $17,564 | $233,091 | $299,840 | $166,909 |
| Year 15 · 2040 | $33,339 | $14,599 | $18,740 | $214,350 | $314,439 | $185,650 |
| Year 16 · 2041 | $33,339 | $13,344 | $19,995 | $194,355 | $327,783 | $205,645 |
| Year 17 · 2042 | $33,339 | $12,005 | $21,334 | $173,021 | $339,788 | $226,979 |
| Year 18 · 2043 | $33,339 | $10,576 | $22,763 | $150,258 | $350,364 | $249,742 |
| Year 19 · 2044 | $33,339 | $9,052 | $24,288 | $125,970 | $359,416 | $274,030 |
| Year 20 · 2045 | $33,339 | $7,425 | $25,914 | $100,056 | $366,841 | $299,944 |
| Year 21 · 2046 | $33,339 | $5,690 | $27,650 | $72,406 | $372,531 | $327,594 |
| Year 22 · 2047 | $33,339 | $3,838 | $29,501 | $42,905 | $376,369 | $357,095 |
| Year 23 · 2048 | $33,339 | $1,862 | $31,477 | $11,427 | $378,231 | $388,573 |
| Year 24 · 2049 | $11,589 | $162 | $11,427 | $0 | $378,392 | $400,000 |
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Jeremy personally reviews every request. 60-minute response times during operating hours.
How to use the extra payment calculator
Enter your loan amount, interest rate and loan term.
Add a recurring extra amount you could pay each month.
Optionally add a one-off lump sum and the payment number when you would make it.
Compare total interest and the number of payments with and without the extra.
Terms used in this calculator
- Extra principal payment
- Money paid on top of your scheduled payment that goes straight to reducing the balance, which cuts future interest.
- Recurring extra
- A fixed extra amount added to every monthly payment.
- Lump-sum payment
- A one-time extra payment, for example from a bonus or tax refund, applied to principal.
- Prepayment penalty
- A fee some loans charge for paying off early. Most standard home loans today don't have one, but check your note.
- Recast
- Re-amortizing your loan after a large principal payment so the monthly payment drops while the rate and term stay the same. Not every servicer offers it.
- Principal
- The loan balance. Extra payments reduce it directly, so less interest is charged from then on.In the glossary : Principal
Frequently asked questions
Both save interest; the earlier the money goes in, the more it saves. A small recurring extra is easy to keep up, while a lump sum makes a big dent at once. Try both here to compare total savings.
Tell your loan servicer that the extra amount is for principal, usually with a box or note on the payment. Otherwise it may be held or applied to the next payment instead of the balance.
Usually not. Extra payments shorten the loan and cut interest, but the required payment stays the same unless you ask your servicer to recast the loan.
It depends on your rate, your other debts, your emergency savings and how comfortable you are with risk. Paying extra gives a guaranteed saving equal to your mortgage rate; many people first build savings and pay off higher-interest debt.
Paying half the payment every two weeks adds up to one extra full payment a year, which has a similar effect to a recurring extra. Check with your servicer how they apply biweekly payments before setting it up.
More questions? See the full FAQ or request a personalized quote.