Extra Payment Mortgage Calculator – Pay Off Your Loan Faster
See exactly when you will be mortgage-free.
✅ Free · No signup · No email required📊 Data from public industry sources🕐 Prices updated July 2026🔒 We never see your data🧑💻 Built by EquityFlow · About us
Frequently Asked Questions
- Can I add a one-time extra payment like a tax refund?
- Yes, this calculator has a dedicated field for one-time extra payments. Just enter the amount and the month you plan to pay it.
- How do I compare different overpayment scenarios?
- The calculator lets you create up to three scenarios. Each scenario can have its own one-time and recurring extra payments. You'll see them side-by-side in the results table.
- What if my loan has a prepayment penalty?
- The calculator includes a prepayment penalty field (default 0%). If your loan has one, enter the percentage. The tool will subtract it from your savings.
- Is there a limit on how much I can overpay each year?
- Some loans cap overpayments at 20% of the original balance per year. The calculator accounts for this. Enter your limit, and it will warn you if you exceed it.
- Does the calculator work for 15-year mortgages?
- Yes, you can select either 30-year or 15-year fixed terms. The interest rates adjust automatically based on current market data.
- What interest rate should I use?
- Check your latest mortgage statement for your exact rate. If you're shopping, use the typical rates shown in the table above: 6.75% for 30-year, 5.75% for 15-year.
- Will extra payments always save me money?
- Yes, unless you have a prepayment penalty that eats up the savings. Run the calculator with your numbers to be sure.
- How accurate are the savings estimates?
- They're based on standard amortization math. The tool uses your inputs exactly. It's as accurate as the numbers you put in.
Why Use This Calculator?
📊 Data sourced from publicly available industry standards. See our methodology page for formulas, sources, and limitations.
Tired of calculators that only let you add a fixed monthly overpayment? This one is different. You can plug in a one-time lump sum (like a tax refund or bonus) and a recurring extra payment, and compare multiple scenarios side-by-side. No more guessing which strategy saves you more. Just real numbers.How Extra Payments Change Your Mortgage
When I bought my first house, I had no idea that an extra $100 a month could chop years off my loan. It's not magic—it's math. Every extra dollar goes straight to principal, reducing the balance faster and slashing total interest. With current rates hovering around 6.75% for a 30-year fixed, the savings can be huge. But you need to see it to believe it. That's why this calculator compares up to three scenarios at once. No more flipping between tabs.
Typical Mortgage Parameters (March 2026)
Here are the typical ranges for the numbers you'll input. These are based on recent market data from Freddie Mac, Bankrate, and other sources.
One-Time vs. Recurring Extra Payments
Honestly, this won't work if your loan has a prepayment penalty. Most conventional loans don't have one (Fannie Mae allows extra payments without limit), but check your paperwork. A one-time extra payment—say, dropping $5,000 from a bonus—can reduce your principal immediately. A recurring extra payment of $200 per month chips away steadily. Which is better? It depends on your cash flow. Use the calculator to compare both. I've found that a mix often works best: a lump sum now, then a smaller monthly extra.
What to Do With the Results
Once you've run the numbers, you'll see exactly how much interest you'll save and how many years you'll cut off your loan. If the savings look good, call your lender to confirm there's no prepayment penalty. Then set up automatic extra payments or schedule a one-time transfer. Simple as that.
Frequently Asked Questions
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