$200 a month extra
On $200,000 at 6% over 30 years ($1,199.10 a month), paying $200 extra each month clears the loan 9 years sooner, in 21 years, and saves about $79,800 of interest.
Mortgage Extra Payment Calculator
See how much interest and time extra mortgage payments save.
Result
Enter your values and select Calculate to see the result.
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How the Mortgage Extra Payment Calculator works
Each month, part of a mortgage payment covers interest (balance × rate ÷ 12) and the rest reduces the balance. Anything you pay on top goes straight to the balance, so next month's interest is lower and the loan ends early. The calculator runs through the loan month by month with and without your extra payments and compares them.
Formula
interest = balance × rate ÷ 12; balance falls by payment + extra − interest
Examples
A one-time payment
A single extra payment at the start also saves months and interest, because it lowers every later interest charge.
Frequently asked questions
Is it better to overpay or invest?
Overpaying earns a guaranteed return equal to your mortgage rate; investing may earn more or less. Many people do some of each.
Will my monthly payment go down?
Usually not — the payment stays the same and the loan ends sooner. Some lenders can recalculate the payment instead; ask yours.
Are there charges for paying early?
Some loans have early repayment charges or limits on overpayments (often 10% a year). Check your terms first.
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