Extra Mortgage Payment Calculator

Paying more than the required amount each month sends the difference straight to the principal, which shortens the loan and cuts the interest. Enter your balance, rate and remaining term along with an extra monthly amount to see the new payoff time and the interest that disappears with it. A second tab works the other way, giving the payment needed to clear the loan by a year you choose. Both assume a fixed rate and that every extra dollar reaches principal, which is worth confirming with your lender.