Extra Mortgage Payment Calculator
Estimate extra mortgage payment from the amount, rate, term, payment, and fees. Use this free extra mortgage payment calculator for fast, clear results with...
Extra Mortgage Payment Calculator guide
What it is for
The Extra Mortgage Payment Calculator estimates a financial outcome so you can compare scenarios before making a decision.
How it is calculated
Subtract the extra payment from the balance, with a floor of zero. First-month interest saved equals the applied extra payment × annual percentage / 1200.
Assumptions
Taxes, fees, inflation, rate changes, and product terms are not included unless the inputs account for them.
Example
Worked example — Mortgage balance: $300000; Annual interest rate: 5%; Extra payment this month: $200. Balance after extra payment: $299,800; First-month interest saved: $0.8333333333.
Limitations
This is not financial, tax, legal, or investment advice. Confirm terms with official documents and a qualified professional.
Public source: CFPB: Consumer Tools