Extra Payment Calculator

Find out what an extra $50, $200 or $1,000 toward principal does to your loan. Enter your current balance, rate and months left to see the interest saved and your new payoff date.

Interest saved$103,450.19Paid off 6 yr 11 mo sooner

Regular payments vs. with extra payments
	Regular	With extra
Monthly payment	$1,896.20	$2,096.20
Time to pay off	30 yr	23 yr 1 mo
Total interest	$382,636.71	$279,186.52
Total paid	$682,636.71	$579,186.52

Assumes extra money goes straight to principal. Confirm with your servicer that extra payments are applied to principal, not held for the next due date.

Amortization schedule

Year	Payment	Principal	Interest	Balance
1	$25,154.40	$5,825.93	$19,328.47	$294,174.07
2	$25,154.40	$6,216.10	$18,938.30	$287,957.97
3	$25,154.40	$6,632.39	$18,522.01	$281,325.58
4	$25,154.40	$7,076.58	$18,077.82	$274,249.00
5	$25,154.40	$7,550.50	$17,603.90	$266,698.50
6	$25,154.40	$8,056.19	$17,098.21	$258,642.31
7	$25,154.40	$8,595.72	$16,558.68	$250,046.59
8	$25,154.40	$9,171.41	$15,982.99	$240,875.18
9	$25,154.40	$9,785.64	$15,368.76	$231,089.54
10	$25,154.40	$10,441.00	$14,713.40	$220,648.54
11	$25,154.40	$11,140.23	$14,014.17	$209,508.31
12	$25,154.40	$11,886.31	$13,268.09	$197,622.00
13	$25,154.40	$12,682.38	$12,472.02	$184,939.62
14	$25,154.40	$13,531.73	$11,622.67	$171,407.89
15	$25,154.40	$14,437.99	$10,716.41	$156,969.90
16	$25,154.40	$15,404.92	$9,749.48	$141,564.98
17	$25,154.40	$16,436.62	$8,717.78	$125,128.36
18	$25,154.40	$17,537.41	$7,616.99	$107,590.95
19	$25,154.40	$18,711.91	$6,442.49	$88,879.04
20	$25,154.40	$19,965.08	$5,189.32	$68,913.96
21	$25,154.40	$21,302.20	$3,852.20	$47,611.76
22	$25,154.40	$22,728.84	$2,425.56	$24,882.92
23	$25,154.40	$24,251.02	$903.38	$631.90
24	$635.32	$631.90	$3.42	$0.00

Month	Payment	Principal	Interest	Balance
1	$2,096.20	$471.20	$1,625.00	$299,528.80
2	$2,096.20	$473.75	$1,622.45	$299,055.05
3	$2,096.20	$476.32	$1,619.88	$298,578.73
4	$2,096.20	$478.90	$1,617.30	$298,099.83
5	$2,096.20	$481.49	$1,614.71	$297,618.34
6	$2,096.20	$484.10	$1,612.10	$297,134.24
7	$2,096.20	$486.72	$1,609.48	$296,647.52
8	$2,096.20	$489.36	$1,606.84	$296,158.16
9	$2,096.20	$492.01	$1,604.19	$295,666.15
10	$2,096.20	$494.68	$1,601.52	$295,171.47
11	$2,096.20	$497.35	$1,598.85	$294,674.12
12	$2,096.20	$500.05	$1,596.15	$294,174.07
13	$2,096.20	$502.76	$1,593.44	$293,671.31
14	$2,096.20	$505.48	$1,590.72	$293,165.83
15	$2,096.20	$508.22	$1,587.98	$292,657.61
16	$2,096.20	$510.97	$1,585.23	$292,146.64
17	$2,096.20	$513.74	$1,582.46	$291,632.90
18	$2,096.20	$516.52	$1,579.68	$291,116.38
19	$2,096.20	$519.32	$1,576.88	$290,597.06
20	$2,096.20	$522.13	$1,574.07	$290,074.93
21	$2,096.20	$524.96	$1,571.24	$289,549.97
22	$2,096.20	$527.80	$1,568.40	$289,022.17
23	$2,096.20	$530.66	$1,565.54	$288,491.51
24	$2,096.20	$533.54	$1,562.66	$287,957.97
25	$2,096.20	$536.43	$1,559.77	$287,421.54
26	$2,096.20	$539.33	$1,556.87	$286,882.21
27	$2,096.20	$542.25	$1,553.95	$286,339.96
28	$2,096.20	$545.19	$1,551.01	$285,794.77
29	$2,096.20	$548.14	$1,548.06	$285,246.63
30	$2,096.20	$551.11	$1,545.09	$284,695.52
31	$2,096.20	$554.10	$1,542.10	$284,141.42
32	$2,096.20	$557.10	$1,539.10	$283,584.32
33	$2,096.20	$560.12	$1,536.08	$283,024.20
34	$2,096.20	$563.15	$1,533.05	$282,461.05
35	$2,096.20	$566.20	$1,530.00	$281,894.85
36	$2,096.20	$569.27	$1,526.93	$281,325.58
37	$2,096.20	$572.35	$1,523.85	$280,753.23
38	$2,096.20	$575.45	$1,520.75	$280,177.78
39	$2,096.20	$578.57	$1,517.63	$279,599.21
40	$2,096.20	$581.70	$1,514.50	$279,017.51
41	$2,096.20	$584.86	$1,511.34	$278,432.65
42	$2,096.20	$588.02	$1,508.18	$277,844.63
43	$2,096.20	$591.21	$1,504.99	$277,253.42
44	$2,096.20	$594.41	$1,501.79	$276,659.01
45	$2,096.20	$597.63	$1,498.57	$276,061.38
46	$2,096.20	$600.87	$1,495.33	$275,460.51
47	$2,096.20	$604.12	$1,492.08	$274,856.39
48	$2,096.20	$607.39	$1,488.81	$274,249.00
49	$2,096.20	$610.68	$1,485.52	$273,638.32
50	$2,096.20	$613.99	$1,482.21	$273,024.33
51	$2,096.20	$617.32	$1,478.88	$272,407.01
52	$2,096.20	$620.66	$1,475.54	$271,786.35
53	$2,096.20	$624.02	$1,472.18	$271,162.33
54	$2,096.20	$627.40	$1,468.80	$270,534.93
55	$2,096.20	$630.80	$1,465.40	$269,904.13
56	$2,096.20	$634.22	$1,461.98	$269,269.91
57	$2,096.20	$637.65	$1,458.55	$268,632.26
58	$2,096.20	$641.11	$1,455.09	$267,991.15
59	$2,096.20	$644.58	$1,451.62	$267,346.57
60	$2,096.20	$648.07	$1,448.13	$266,698.50
61	$2,096.20	$651.58	$1,444.62	$266,046.92
62	$2,096.20	$655.11	$1,441.09	$265,391.81
63	$2,096.20	$658.66	$1,437.54	$264,733.15
64	$2,096.20	$662.23	$1,433.97	$264,070.92
65	$2,096.20	$665.82	$1,430.38	$263,405.10
66	$2,096.20	$669.42	$1,426.78	$262,735.68
67	$2,096.20	$673.05	$1,423.15	$262,062.63
68	$2,096.20	$676.69	$1,419.51	$261,385.94
69	$2,096.20	$680.36	$1,415.84	$260,705.58
70	$2,096.20	$684.04	$1,412.16	$260,021.54
71	$2,096.20	$687.75	$1,408.45	$259,333.79
72	$2,096.20	$691.48	$1,404.72	$258,642.31
73	$2,096.20	$695.22	$1,400.98	$257,947.09
74	$2,096.20	$698.99	$1,397.21	$257,248.10
75	$2,096.20	$702.77	$1,393.43	$256,545.33
76	$2,096.20	$706.58	$1,389.62	$255,838.75
77	$2,096.20	$710.41	$1,385.79	$255,128.34
78	$2,096.20	$714.25	$1,381.95	$254,414.09
79	$2,096.20	$718.12	$1,378.08	$253,695.97
80	$2,096.20	$722.01	$1,374.19	$252,973.96
81	$2,096.20	$725.92	$1,370.28	$252,248.04
82	$2,096.20	$729.86	$1,366.34	$251,518.18
83	$2,096.20	$733.81	$1,362.39	$250,784.37
84	$2,096.20	$737.78	$1,358.42	$250,046.59
85	$2,096.20	$741.78	$1,354.42	$249,304.81
86	$2,096.20	$745.80	$1,350.40	$248,559.01
87	$2,096.20	$749.84	$1,346.36	$247,809.17
88	$2,096.20	$753.90	$1,342.30	$247,055.27
89	$2,096.20	$757.98	$1,338.22	$246,297.29
90	$2,096.20	$762.09	$1,334.11	$245,535.20
91	$2,096.20	$766.22	$1,329.98	$244,768.98
92	$2,096.20	$770.37	$1,325.83	$243,998.61
93	$2,096.20	$774.54	$1,321.66	$243,224.07
94	$2,096.20	$778.74	$1,317.46	$242,445.33
95	$2,096.20	$782.95	$1,313.25	$241,662.38
96	$2,096.20	$787.20	$1,309.00	$240,875.18
97	$2,096.20	$791.46	$1,304.74	$240,083.72
98	$2,096.20	$795.75	$1,300.45	$239,287.97
99	$2,096.20	$800.06	$1,296.14	$238,487.91
100	$2,096.20	$804.39	$1,291.81	$237,683.52
101	$2,096.20	$808.75	$1,287.45	$236,874.77
102	$2,096.20	$813.13	$1,283.07	$236,061.64
103	$2,096.20	$817.53	$1,278.67	$235,244.11
104	$2,096.20	$821.96	$1,274.24	$234,422.15
105	$2,096.20	$826.41	$1,269.79	$233,595.74
106	$2,096.20	$830.89	$1,265.31	$232,764.85
107	$2,096.20	$835.39	$1,260.81	$231,929.46
108	$2,096.20	$839.92	$1,256.28	$231,089.54
109	$2,096.20	$844.46	$1,251.74	$230,245.08
110	$2,096.20	$849.04	$1,247.16	$229,396.04
111	$2,096.20	$853.64	$1,242.56	$228,542.40
112	$2,096.20	$858.26	$1,237.94	$227,684.14
113	$2,096.20	$862.91	$1,233.29	$226,821.23
114	$2,096.20	$867.59	$1,228.61	$225,953.64
115	$2,096.20	$872.28	$1,223.92	$225,081.36
116	$2,096.20	$877.01	$1,219.19	$224,204.35
117	$2,096.20	$881.76	$1,214.44	$223,322.59
118	$2,096.20	$886.54	$1,209.66	$222,436.05
119	$2,096.20	$891.34	$1,204.86	$221,544.71
120	$2,096.20	$896.17	$1,200.03	$220,648.54
121	$2,096.20	$901.02	$1,195.18	$219,747.52
122	$2,096.20	$905.90	$1,190.30	$218,841.62
123	$2,096.20	$910.81	$1,185.39	$217,930.81
124	$2,096.20	$915.74	$1,180.46	$217,015.07
125	$2,096.20	$920.70	$1,175.50	$216,094.37
126	$2,096.20	$925.69	$1,170.51	$215,168.68
127	$2,096.20	$930.70	$1,165.50	$214,237.98
128	$2,096.20	$935.74	$1,160.46	$213,302.24
129	$2,096.20	$940.81	$1,155.39	$212,361.43
130	$2,096.20	$945.91	$1,150.29	$211,415.52
131	$2,096.20	$951.03	$1,145.17	$210,464.49
132	$2,096.20	$956.18	$1,140.02	$209,508.31
133	$2,096.20	$961.36	$1,134.84	$208,546.95
134	$2,096.20	$966.57	$1,129.63	$207,580.38
135	$2,096.20	$971.81	$1,124.39	$206,608.57
136	$2,096.20	$977.07	$1,119.13	$205,631.50
137	$2,096.20	$982.36	$1,113.84	$204,649.14
138	$2,096.20	$987.68	$1,108.52	$203,661.46
139	$2,096.20	$993.03	$1,103.17	$202,668.43
140	$2,096.20	$998.41	$1,097.79	$201,670.02
141	$2,096.20	$1,003.82	$1,092.38	$200,666.20
142	$2,096.20	$1,009.26	$1,086.94	$199,656.94
143	$2,096.20	$1,014.72	$1,081.48	$198,642.22
144	$2,096.20	$1,020.22	$1,075.98	$197,622.00
145	$2,096.20	$1,025.75	$1,070.45	$196,596.25
146	$2,096.20	$1,031.30	$1,064.90	$195,564.95
147	$2,096.20	$1,036.89	$1,059.31	$194,528.06
148	$2,096.20	$1,042.51	$1,053.69	$193,485.55
149	$2,096.20	$1,048.15	$1,048.05	$192,437.40
150	$2,096.20	$1,053.83	$1,042.37	$191,383.57
151	$2,096.20	$1,059.54	$1,036.66	$190,324.03
152	$2,096.20	$1,065.28	$1,030.92	$189,258.75
153	$2,096.20	$1,071.05	$1,025.15	$188,187.70
154	$2,096.20	$1,076.85	$1,019.35	$187,110.85
155	$2,096.20	$1,082.68	$1,013.52	$186,028.17
156	$2,096.20	$1,088.55	$1,007.65	$184,939.62
157	$2,096.20	$1,094.44	$1,001.76	$183,845.18
158	$2,096.20	$1,100.37	$995.83	$182,744.81
159	$2,096.20	$1,106.33	$989.87	$181,638.48
160	$2,096.20	$1,112.32	$983.88	$180,526.16
161	$2,096.20	$1,118.35	$977.85	$179,407.81
162	$2,096.20	$1,124.41	$971.79	$178,283.40
163	$2,096.20	$1,130.50	$965.70	$177,152.90
164	$2,096.20	$1,136.62	$959.58	$176,016.28
165	$2,096.20	$1,142.78	$953.42	$174,873.50
166	$2,096.20	$1,148.97	$947.23	$173,724.53
167	$2,096.20	$1,155.19	$941.01	$172,569.34
168	$2,096.20	$1,161.45	$934.75	$171,407.89
169	$2,096.20	$1,167.74	$928.46	$170,240.15
170	$2,096.20	$1,174.07	$922.13	$169,066.08
171	$2,096.20	$1,180.43	$915.77	$167,885.65
172	$2,096.20	$1,186.82	$909.38	$166,698.83
173	$2,096.20	$1,193.25	$902.95	$165,505.58
174	$2,096.20	$1,199.71	$896.49	$164,305.87
175	$2,096.20	$1,206.21	$889.99	$163,099.66
176	$2,096.20	$1,212.74	$883.46	$161,886.92
177	$2,096.20	$1,219.31	$876.89	$160,667.61
178	$2,096.20	$1,225.92	$870.28	$159,441.69
179	$2,096.20	$1,232.56	$863.64	$158,209.13
180	$2,096.20	$1,239.23	$856.97	$156,969.90
181	$2,096.20	$1,245.95	$850.25	$155,723.95
182	$2,096.20	$1,252.70	$843.50	$154,471.25
183	$2,096.20	$1,259.48	$836.72	$153,211.77
184	$2,096.20	$1,266.30	$829.90	$151,945.47
185	$2,096.20	$1,273.16	$823.04	$150,672.31
186	$2,096.20	$1,280.06	$816.14	$149,392.25
187	$2,096.20	$1,286.99	$809.21	$148,105.26
188	$2,096.20	$1,293.96	$802.24	$146,811.30
189	$2,096.20	$1,300.97	$795.23	$145,510.33
190	$2,096.20	$1,308.02	$788.18	$144,202.31
191	$2,096.20	$1,315.10	$781.10	$142,887.21
192	$2,096.20	$1,322.23	$773.97	$141,564.98
193	$2,096.20	$1,329.39	$766.81	$140,235.59
194	$2,096.20	$1,336.59	$759.61	$138,899.00
195	$2,096.20	$1,343.83	$752.37	$137,555.17
196	$2,096.20	$1,351.11	$745.09	$136,204.06
197	$2,096.20	$1,358.43	$737.77	$134,845.63
198	$2,096.20	$1,365.79	$730.41	$133,479.84
199	$2,096.20	$1,373.18	$723.02	$132,106.66
200	$2,096.20	$1,380.62	$715.58	$130,726.04
201	$2,096.20	$1,388.10	$708.10	$129,337.94
202	$2,096.20	$1,395.62	$700.58	$127,942.32
203	$2,096.20	$1,403.18	$693.02	$126,539.14
204	$2,096.20	$1,410.78	$685.42	$125,128.36
205	$2,096.20	$1,418.42	$677.78	$123,709.94
206	$2,096.20	$1,426.10	$670.10	$122,283.84
207	$2,096.20	$1,433.83	$662.37	$120,850.01
208	$2,096.20	$1,441.60	$654.60	$119,408.41
209	$2,096.20	$1,449.40	$646.80	$117,959.01
210	$2,096.20	$1,457.26	$638.94	$116,501.75
211	$2,096.20	$1,465.15	$631.05	$115,036.60
212	$2,096.20	$1,473.09	$623.11	$113,563.51
213	$2,096.20	$1,481.06	$615.14	$112,082.45
214	$2,096.20	$1,489.09	$607.11	$110,593.36
215	$2,096.20	$1,497.15	$599.05	$109,096.21
216	$2,096.20	$1,505.26	$590.94	$107,590.95
217	$2,096.20	$1,513.42	$582.78	$106,077.53
218	$2,096.20	$1,521.61	$574.59	$104,555.92
219	$2,096.20	$1,529.86	$566.34	$103,026.06
220	$2,096.20	$1,538.14	$558.06	$101,487.92
221	$2,096.20	$1,546.47	$549.73	$99,941.45
222	$2,096.20	$1,554.85	$541.35	$98,386.60
223	$2,096.20	$1,563.27	$532.93	$96,823.33
224	$2,096.20	$1,571.74	$524.46	$95,251.59
225	$2,096.20	$1,580.25	$515.95	$93,671.34
226	$2,096.20	$1,588.81	$507.39	$92,082.53
227	$2,096.20	$1,597.42	$498.78	$90,485.11
228	$2,096.20	$1,606.07	$490.13	$88,879.04
229	$2,096.20	$1,614.77	$481.43	$87,264.27
230	$2,096.20	$1,623.52	$472.68	$85,640.75
231	$2,096.20	$1,632.31	$463.89	$84,008.44
232	$2,096.20	$1,641.15	$455.05	$82,367.29
233	$2,096.20	$1,650.04	$446.16	$80,717.25
234	$2,096.20	$1,658.98	$437.22	$79,058.27
235	$2,096.20	$1,667.97	$428.23	$77,390.30
236	$2,096.20	$1,677.00	$419.20	$75,713.30
237	$2,096.20	$1,686.09	$410.11	$74,027.21
238	$2,096.20	$1,695.22	$400.98	$72,331.99
239	$2,096.20	$1,704.40	$391.80	$70,627.59
240	$2,096.20	$1,713.63	$382.57	$68,913.96
241	$2,096.20	$1,722.92	$373.28	$67,191.04
242	$2,096.20	$1,732.25	$363.95	$65,458.79
243	$2,096.20	$1,741.63	$354.57	$63,717.16
244	$2,096.20	$1,751.07	$345.13	$61,966.09
245	$2,096.20	$1,760.55	$335.65	$60,205.54
246	$2,096.20	$1,770.09	$326.11	$58,435.45
247	$2,096.20	$1,779.67	$316.53	$56,655.78
248	$2,096.20	$1,789.31	$306.89	$54,866.47
249	$2,096.20	$1,799.01	$297.19	$53,067.46
250	$2,096.20	$1,808.75	$287.45	$51,258.71
251	$2,096.20	$1,818.55	$277.65	$49,440.16
252	$2,096.20	$1,828.40	$267.80	$47,611.76
253	$2,096.20	$1,838.30	$257.90	$45,773.46
254	$2,096.20	$1,848.26	$247.94	$43,925.20
255	$2,096.20	$1,858.27	$237.93	$42,066.93
256	$2,096.20	$1,868.34	$227.86	$40,198.59
257	$2,096.20	$1,878.46	$217.74	$38,320.13
258	$2,096.20	$1,888.63	$207.57	$36,431.50
259	$2,096.20	$1,898.86	$197.34	$34,532.64
260	$2,096.20	$1,909.15	$187.05	$32,623.49
261	$2,096.20	$1,919.49	$176.71	$30,704.00
262	$2,096.20	$1,929.89	$166.31	$28,774.11
263	$2,096.20	$1,940.34	$155.86	$26,833.77
264	$2,096.20	$1,950.85	$145.35	$24,882.92
265	$2,096.20	$1,961.42	$134.78	$22,921.50
266	$2,096.20	$1,972.04	$124.16	$20,949.46
267	$2,096.20	$1,982.72	$113.48	$18,966.74
268	$2,096.20	$1,993.46	$102.74	$16,973.28
269	$2,096.20	$2,004.26	$91.94	$14,969.02
270	$2,096.20	$2,015.12	$81.08	$12,953.90
271	$2,096.20	$2,026.03	$70.17	$10,927.87
272	$2,096.20	$2,037.01	$59.19	$8,890.86
273	$2,096.20	$2,048.04	$48.16	$6,842.82
274	$2,096.20	$2,059.13	$37.07	$4,783.69
275	$2,096.20	$2,070.29	$25.91	$2,713.40
276	$2,096.20	$2,081.50	$14.70	$631.90
277	$635.32	$631.90	$3.42	$0.00

Why extra payments save so much

Extra money paid toward principal skips the interest charge it would have collected over all the remaining months. Early in a long loan that adds up quickly: on a 30-year mortgage, an extra payment in year one saves interest for about 29 years.

Example

On a $300,000 balance at 6.5% with 360 months left, the payment is $1,896.20. Adding $200 a month pays the loan off in 23 years 1 month instead of 30 years and saves $103,450 in interest.

Before you prepay

Ask your servicer to apply extra money to principal, not to future payments.
Check for a prepayment penalty (rare on today’s home loans, more common on some other loans).
Compare with your other uses for the cash: high-rate debt, an emergency fund, or retirement matching.

Frequently asked questions

Is it better to pay extra monthly or once a year?

Monthly extra payments save slightly more because the principal drops sooner, but the difference is small. Pick whatever you will stick with.

Does an extra payment lower my monthly payment?

Usually not. On most fixed-rate loans the payment stays the same and the loan simply ends sooner. Some lenders will recalculate (recast) the payment after a large lump sum, often for a fee.

Should I pay off my mortgage early or invest?

Prepaying earns a guaranteed return equal to your interest rate. Investing may earn more or less. Many people do some of both. This calculator shows the guaranteed side of that trade-off.

Sources

Last reviewed October 25, 2026. How we review and test pages.

PmtCalc provides estimates for education and planning only. Results are not an offer of credit, a loan approval, or financial, tax or legal advice. Actual terms depend on the lender and your situation. How we calculate and test these results.