Extra Mortgage Payments Calculator

See the impact of extra monthly, annual, and lump-sum mortgage payments. Visualize years shaved off your loan.

Loan Amount

Interest Rate (%)

Loan Term

Extra Monthly Payment

Additional amount paid each month

Extra Annual Payment

Bonus or tax refund applied once per year

One-Time Lump Sum

Lump Sum at Month

Total Interest Saved

$125,743.10

Pay off 9 years 2 months early

Original Schedule

Monthly payment$1,769.79

Total interest$357,124.57

Payoff30yr 0mo

With Extra Payments

Effective payment$1,969.79

Total interest$231,381.47

Payoff20yr 10mo

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Every Extra Dollar Counts

Extra mortgage payments go directly to principal, reducing the balance that accrues interest. This creates a compounding effect — even $100/month extra on a $300,000 mortgage can save over $40,000 in interest.

Combining Payment Strategies

The most powerful approach combines all three types: an extra $200/month, plus a $2,000 annual payment from your tax refund, plus any windfalls as lump sums. Our calculator lets you model all three simultaneously.

Frequently Asked Questions

How much does one extra mortgage payment per year save?

Making one extra monthly payment per year on a 30-year mortgage typically cuts 4-5 years off the term and saves tens of thousands in interest. For a $300,000 mortgage at 6.5%, that's roughly $60,000 in savings.

Should I make extra payments or invest?

If your mortgage rate is below expected investment returns (historically 7-10% for stocks), investing may build more wealth. But mortgage payoff provides guaranteed savings and the peace of owning your home outright.

What types of extra payments can I make?

Our calculator supports three types: extra monthly amounts (added to each payment), annual lump sums (from bonuses or tax refunds), and one-time lump sum payments (from inheritance, sale of assets, etc.).