Paying Extra Monthly Towards Your Mortgage
Making Extra Monthly Payments Calculator
Over the course of a loan amortization you will spend hundreds, thousands, and maybe even hundreds or thousands in interest. By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments. Use our extra payment calculator to determine how much more quickly you may be able to pay off your debt.
Making extra payments of $500/month could save you $60,798 in interest over the life of the loan.
You could own your house 13 years sooner than under your current payment.
Total Interest with extra Payments
$49,675
Total Interest without extra Payments
$100,599
Years to payoff with extra payments
15 years
Years to payoff without extra payments
28 years
These calculations are tools for learning more about the mortgage process and are for educational/estimation purposes only. Payment shown does not include taxes, insurance, or mortgage insurance (if applicable). This does not constitute an offer or approval of credit. Contact a PrimeLending home loan officer for actual estimates.
For example, a Conventional fixed rate loan with the terms purchase price of $312,500, on a loan term of 360 months, down payment of 20%, and an interest rate of 6.5%, will result in an annual percentage rate of 6.598% with $3,613 in APR fees. Rate pulled 09/02/22, rates change daily. Loans are subject to borrower qualifications, including income, property evaluation, and final credit approval.
Based on the numbers you provided, here is your estimated savings if you make extra payments. Want to see more options? Enter new numbers, calculate and compare.