MortgageCalc

Mortgage Amortization with Extra Payments Calculator

Calculate how extra payments can save you thousands in interest and shorten your mortgage term. See the impact of additional principal payments on your loan.

Loan Details
Enter your mortgage information to get accurate calculations

$300,000

20.0% of home price ($60,000)

Additional Costs
Monthly expenses beyond mortgage

$3,000

$1,200

Required if down payment < 20% ($0)

$0

Extra Payments
Pay off your mortgage faster

Monthly Payment

$1,517

Principal & Interest

Total Monthly

$1,867

Including all costs

Total Interest

$306,107

Over life of loan

Total Cost

$546,107

Principal + Interest

Payment Breakdown

Total Cost

$546,107
Over 30 years

Principal

$240,000
43.9% of total

Interest

$306,107
56.1% of total

Payment Breakdown

Principal43.9%
$240,000
Interest56.1%
$306,107
Interest vs Principal Ratio
You'll pay 56% in interest
That's $66,107 more than the original loan amount
Amortization Schedule
See how your loan balance decreases over time
YearPaymentPrincipalInterestBalance
1$1,517$217$1,300$239,783
1$1,517$230$1,287$237,317
2$1,517$246$1,271$234,455
3$1,517$262$1,255$231,401
4$1,517$280$1,237$228,143
5$1,517$298$1,219$224,666
6$1,517$318$1,199$220,957
7$1,517$340$1,177$216,999
8$1,517$362$1,155$212,776
9$1,517$387$1,130$208,270
10$1,517$413$1,104$203,463
11$1,517$440$1,077$198,333
12$1,517$470$1,047$192,860
13$1,517$501$1,016$187,021
14$1,517$535$982$180,790
15$1,517$571$946$174,142
16$1,517$609$908$167,049
17$1,517$650$867$159,481
18$1,517$693$824$151,405
19$1,517$740$777$142,790
20$1,517$789$728$133,597
21$1,517$842$675$123,788
22$1,517$898$619$113,323
23$1,517$958$559$102,156
24$1,517$1,023$494$90,242
25$1,517$1,091$426$77,530
26$1,517$1,164$353$63,967
27$1,517$1,242$275$49,495
28$1,517$1,325$192$34,054
29$1,517$1,414$103$17,579
30$1,517$1,509$8$0

How Extra Payments Work

Making extra payments on your mortgage can significantly reduce the total interest you pay and shorten your loan term. Our calculator shows you exactly how much you can save with different extra payment strategies.

Extra Payment Strategies

Monthly Extra Payments

Add a fixed amount to your monthly payment to reduce principal faster.

Biweekly Payments

Make half your monthly payment every two weeks for 26 payments per year.

Lump Sum Payments

Make one-time large payments to reduce your principal balance.

Annual Extra Payment

Make one extra payment per year to accelerate your payoff.

Benefits of Extra Payments

  • Significantly reduce total interest paid over the life of the loan
  • Shorten your mortgage term by years
  • Build equity faster in your home
  • Reduce financial stress with faster payoff
  • Save thousands in interest payments
  • Increase your home's equity for future needs

How to Use Our Calculator

  1. Enter your loan amount, interest rate, and term
  2. Specify any extra monthly payments you plan to make
  3. Add any lump sum payments you want to include
  4. Choose biweekly payment option if applicable
  5. View your detailed amortization schedule
  6. See total interest savings and payoff date

Example: $300,000 Mortgage with Extra Payments

A $300,000 mortgage at 6% for 30 years has a monthly payment of $1,799. By adding just $200 extra per month, you could save over $50,000 in interest and pay off your loan 4 years early. Our calculator shows you exactly how much you can save with any extra payment amount.