$calculatepayoffCalculators

Extra Payment Calculator

See what one extra payment a month does to any loan's payoff date and total interest.

Down payment
$
Total monthly payment
$2,146.20

$1,896.20 scheduled + $250.00 extra

Debt-free in
21 yr 10 mo
Payoff date
July 2048
Total interest
$262,297
Total paid
$562,297

Paying $250.00 extra each month

Interest saved
$120,337
Time saved
8 yr 2 mo

Amortization schedule

262 total payments. Scroll the table for every row.

MonthPaymentInterestPrincipalBalance
1$2,146.20$1,625.00$521.20$299,478.80
2$2,146.20$1,622.18$524.03$298,954.77
3$2,146.20$1,619.34$526.87$298,427.90
4$2,146.20$1,616.48$529.72$297,898.18
5$2,146.20$1,613.62$532.59$297,365.59
6$2,146.20$1,610.73$535.47$296,830.12
7$2,146.20$1,607.83$538.37$296,291.75
8$2,146.20$1,604.91$541.29$295,750.46
9$2,146.20$1,601.98$544.22$295,206.23
10$2,146.20$1,599.03$547.17$294,659.06
11$2,146.20$1,596.07$550.13$294,108.93
12$2,146.20$1,593.09$553.11$293,555.82
13$2,146.20$1,590.09$556.11$292,999.70
14$2,146.20$1,587.08$559.12$292,440.58
15$2,146.20$1,584.05$562.15$291,878.43
16$2,146.20$1,581.01$565.20$291,313.24
17$2,146.20$1,577.95$568.26$290,744.98
18$2,146.20$1,574.87$571.34$290,173.64
19$2,146.20$1,571.77$574.43$289,599.21
20$2,146.20$1,568.66$577.54$289,021.67
21$2,146.20$1,565.53$580.67$288,441.00
22$2,146.20$1,562.39$583.82$287,857.19
23$2,146.20$1,559.23$586.98$287,270.21
24$2,146.20$1,556.05$590.16$286,680.05
25$2,146.20$1,552.85$593.35$286,086.70
26$2,146.20$1,549.64$596.57$285,490.13
27$2,146.20$1,546.40$599.80$284,890.33
28$2,146.20$1,543.16$603.05$284,287.28
29$2,146.20$1,539.89$606.31$283,680.97
30$2,146.20$1,536.61$609.60$283,071.37
31$2,146.20$1,533.30$612.90$282,458.47
32$2,146.20$1,529.98$616.22$281,842.25
33$2,146.20$1,526.65$619.56$281,222.69
34$2,146.20$1,523.29$622.91$280,599.77
35$2,146.20$1,519.92$626.29$279,973.49
36$2,146.20$1,516.52$629.68$279,343.80
37$2,146.20$1,513.11$633.09$278,710.71
38$2,146.20$1,509.68$636.52$278,074.19
39$2,146.20$1,506.24$639.97$277,434.22
40$2,146.20$1,502.77$643.44$276,790.79
41$2,146.20$1,499.28$646.92$276,143.87
42$2,146.20$1,495.78$650.42$275,493.44
43$2,146.20$1,492.26$653.95$274,839.49
44$2,146.20$1,488.71$657.49$274,182.00
45$2,146.20$1,485.15$661.05$273,520.95
46$2,146.20$1,481.57$664.63$272,856.32
47$2,146.20$1,477.97$668.23$272,188.09
48$2,146.20$1,474.35$671.85$271,516.24
49$2,146.20$1,470.71$675.49$270,840.74
50$2,146.20$1,467.05$679.15$270,161.59
51$2,146.20$1,463.38$682.83$269,478.77
52$2,146.20$1,459.68$686.53$268,792.24
53$2,146.20$1,455.96$690.25$268,101.99
54$2,146.20$1,452.22$693.98$267,408.01
55$2,146.20$1,448.46$697.74$266,710.26
56$2,146.20$1,444.68$701.52$266,008.74
57$2,146.20$1,440.88$705.32$265,303.42
58$2,146.20$1,437.06$709.14$264,594.27
59$2,146.20$1,433.22$712.99$263,881.29
60$2,146.20$1,429.36$716.85$263,164.44
61$2,146.20$1,425.47$720.73$262,443.71
62$2,146.20$1,421.57$724.63$261,719.08
63$2,146.20$1,417.64$728.56$260,990.52
64$2,146.20$1,413.70$732.51$260,258.01
65$2,146.20$1,409.73$736.47$259,521.54
66$2,146.20$1,405.74$740.46$258,781.08
67$2,146.20$1,401.73$744.47$258,036.60
68$2,146.20$1,397.70$748.51$257,288.10
69$2,146.20$1,393.64$752.56$256,535.54
70$2,146.20$1,389.57$756.64$255,778.90
71$2,146.20$1,385.47$760.74$255,018.17
72$2,146.20$1,381.35$764.86$254,253.31
73$2,146.20$1,377.21$769.00$253,484.31
74$2,146.20$1,373.04$773.16$252,711.15
75$2,146.20$1,368.85$777.35$251,933.80
76$2,146.20$1,364.64$781.56$251,152.23
77$2,146.20$1,360.41$785.80$250,366.44
78$2,146.20$1,356.15$790.05$249,576.38
79$2,146.20$1,351.87$794.33$248,782.05
80$2,146.20$1,347.57$798.63$247,983.42
81$2,146.20$1,343.24$802.96$247,180.46
82$2,146.20$1,338.89$807.31$246,373.15
83$2,146.20$1,334.52$811.68$245,561.46
84$2,146.20$1,330.12$816.08$244,745.38
85$2,146.20$1,325.70$820.50$243,924.88
86$2,146.20$1,321.26$824.94$243,099.94
87$2,146.20$1,316.79$829.41$242,270.53
88$2,146.20$1,312.30$833.91$241,436.62
89$2,146.20$1,307.78$838.42$240,598.20
90$2,146.20$1,303.24$842.96$239,755.24
91$2,146.20$1,298.67$847.53$238,907.71
92$2,146.20$1,294.08$852.12$238,055.59
93$2,146.20$1,289.47$856.74$237,198.85
94$2,146.20$1,284.83$861.38$236,337.47
95$2,146.20$1,280.16$866.04$235,471.43
96$2,146.20$1,275.47$870.73$234,600.70
97$2,146.20$1,270.75$875.45$233,725.25
98$2,146.20$1,266.01$880.19$232,845.05
99$2,146.20$1,261.24$884.96$231,960.09
100$2,146.20$1,256.45$889.75$231,070.34
101$2,146.20$1,251.63$894.57$230,175.77
102$2,146.20$1,246.79$899.42$229,276.35
103$2,146.20$1,241.91$904.29$228,372.06
104$2,146.20$1,237.02$909.19$227,462.87
105$2,146.20$1,232.09$914.11$226,548.75
106$2,146.20$1,227.14$919.06$225,629.69
107$2,146.20$1,222.16$924.04$224,705.65
108$2,146.20$1,217.16$929.05$223,776.60
109$2,146.20$1,212.12$934.08$222,842.52
110$2,146.20$1,207.06$939.14$221,903.38
111$2,146.20$1,201.98$944.23$220,959.15
112$2,146.20$1,196.86$949.34$220,009.81
113$2,146.20$1,191.72$954.48$219,055.32
114$2,146.20$1,186.55$959.65$218,095.67
115$2,146.20$1,181.35$964.85$217,130.82
116$2,146.20$1,176.13$970.08$216,160.74
117$2,146.20$1,170.87$975.33$215,185.40
118$2,146.20$1,165.59$980.62$214,204.79
119$2,146.20$1,160.28$985.93$213,218.86
120$2,146.20$1,154.94$991.27$212,227.59
121$2,146.20$1,149.57$996.64$211,230.95
122$2,146.20$1,144.17$1,002.04$210,228.92
123$2,146.20$1,138.74$1,007.46$209,221.45
124$2,146.20$1,133.28$1,012.92$208,208.53
125$2,146.20$1,127.80$1,018.41$207,190.12
126$2,146.20$1,122.28$1,023.92$206,166.20
127$2,146.20$1,116.73$1,029.47$205,136.73
128$2,146.20$1,111.16$1,035.05$204,101.68
129$2,146.20$1,105.55$1,040.65$203,061.03
130$2,146.20$1,099.91$1,046.29$202,014.74
131$2,146.20$1,094.25$1,051.96$200,962.78
132$2,146.20$1,088.55$1,057.66$199,905.12
133$2,146.20$1,082.82$1,063.38$198,841.74
134$2,146.20$1,077.06$1,069.14$197,772.60
135$2,146.20$1,071.27$1,074.94$196,697.66
136$2,146.20$1,065.45$1,080.76$195,616.90
137$2,146.20$1,059.59$1,086.61$194,530.29
138$2,146.20$1,053.71$1,092.50$193,437.79
139$2,146.20$1,047.79$1,098.42$192,339.37
140$2,146.20$1,041.84$1,104.37$191,235.01
141$2,146.20$1,035.86$1,110.35$190,124.66
142$2,146.20$1,029.84$1,116.36$189,008.30
143$2,146.20$1,023.79$1,122.41$187,885.89
144$2,146.20$1,017.72$1,128.49$186,757.40
145$2,146.20$1,011.60$1,134.60$185,622.80
146$2,146.20$1,005.46$1,140.75$184,482.05
147$2,146.20$999.28$1,146.93$183,335.13
148$2,146.20$993.07$1,153.14$182,181.99
149$2,146.20$986.82$1,159.38$181,022.60
150$2,146.20$980.54$1,165.66$179,856.94
151$2,146.20$974.23$1,171.98$178,684.96
152$2,146.20$967.88$1,178.33$177,506.63
153$2,146.20$961.49$1,184.71$176,321.92
154$2,146.20$955.08$1,191.13$175,130.79
155$2,146.20$948.63$1,197.58$173,933.21
156$2,146.20$942.14$1,204.07$172,729.15
157$2,146.20$935.62$1,210.59$171,518.56
158$2,146.20$929.06$1,217.15$170,301.42
159$2,146.20$922.47$1,223.74$169,077.68
160$2,146.20$915.84$1,230.37$167,847.31
161$2,146.20$909.17$1,237.03$166,610.28
162$2,146.20$902.47$1,243.73$165,366.55
163$2,146.20$895.74$1,250.47$164,116.08
164$2,146.20$888.96$1,257.24$162,858.84
165$2,146.20$882.15$1,264.05$161,594.79
166$2,146.20$875.31$1,270.90$160,323.89
167$2,146.20$868.42$1,277.78$159,046.10
168$2,146.20$861.50$1,284.70$157,761.40
169$2,146.20$854.54$1,291.66$156,469.74
170$2,146.20$847.54$1,298.66$155,171.08
171$2,146.20$840.51$1,305.69$153,865.38
172$2,146.20$833.44$1,312.77$152,552.62
173$2,146.20$826.33$1,319.88$151,232.74
174$2,146.20$819.18$1,327.03$149,905.71
175$2,146.20$811.99$1,334.21$148,571.50
176$2,146.20$804.76$1,341.44$147,230.06
177$2,146.20$797.50$1,348.71$145,881.35
178$2,146.20$790.19$1,356.01$144,525.33
179$2,146.20$782.85$1,363.36$143,161.98
180$2,146.20$775.46$1,370.74$141,791.23
181$2,146.20$768.04$1,378.17$140,413.06
182$2,146.20$760.57$1,385.63$139,027.43
183$2,146.20$753.07$1,393.14$137,634.29
184$2,146.20$745.52$1,400.68$136,233.61
185$2,146.20$737.93$1,408.27$134,825.33
186$2,146.20$730.30$1,415.90$133,409.43
187$2,146.20$722.63$1,423.57$131,985.86
188$2,146.20$714.92$1,431.28$130,554.58
189$2,146.20$707.17$1,439.03$129,115.55
190$2,146.20$699.38$1,446.83$127,668.72
191$2,146.20$691.54$1,454.67$126,214.06
192$2,146.20$683.66$1,462.54$124,751.51
193$2,146.20$675.74$1,470.47$123,281.05
194$2,146.20$667.77$1,478.43$121,802.61
195$2,146.20$659.76$1,486.44$120,316.17
196$2,146.20$651.71$1,494.49$118,821.68
197$2,146.20$643.62$1,502.59$117,319.10
198$2,146.20$635.48$1,510.73$115,808.37
199$2,146.20$627.30$1,518.91$114,289.46
200$2,146.20$619.07$1,527.14$112,762.33
201$2,146.20$610.80$1,535.41$111,226.92
202$2,146.20$602.48$1,543.72$109,683.19
203$2,146.20$594.12$1,552.09$108,131.11
204$2,146.20$585.71$1,560.49$106,570.61
205$2,146.20$577.26$1,568.95$105,001.67
206$2,146.20$568.76$1,577.45$103,424.22
207$2,146.20$560.21$1,585.99$101,838.23
208$2,146.20$551.62$1,594.58$100,243.65
209$2,146.20$542.99$1,603.22$98,640.43
210$2,146.20$534.30$1,611.90$97,028.53
211$2,146.20$525.57$1,620.63$95,407.90
212$2,146.20$516.79$1,629.41$93,778.49
213$2,146.20$507.97$1,638.24$92,140.25
214$2,146.20$499.09$1,647.11$90,493.14
215$2,146.20$490.17$1,656.03$88,837.11
216$2,146.20$481.20$1,665.00$87,172.10
217$2,146.20$472.18$1,674.02$85,498.08
218$2,146.20$463.11$1,683.09$83,814.99
219$2,146.20$454.00$1,692.21$82,122.79
220$2,146.20$444.83$1,701.37$80,421.41
221$2,146.20$435.62$1,710.59$78,710.82
222$2,146.20$426.35$1,719.85$76,990.97
223$2,146.20$417.03$1,729.17$75,261.80
224$2,146.20$407.67$1,738.54$73,523.27
225$2,146.20$398.25$1,747.95$71,775.31
226$2,146.20$388.78$1,757.42$70,017.89
227$2,146.20$379.26$1,766.94$68,250.95
228$2,146.20$369.69$1,776.51$66,474.44
229$2,146.20$360.07$1,786.13$64,688.31
230$2,146.20$350.39$1,795.81$62,892.50
231$2,146.20$340.67$1,805.54$61,086.96
232$2,146.20$330.89$1,815.32$59,271.64
233$2,146.20$321.05$1,825.15$57,446.49
234$2,146.20$311.17$1,835.04$55,611.46
235$2,146.20$301.23$1,844.98$53,766.48
236$2,146.20$291.24$1,854.97$51,911.51
237$2,146.20$281.19$1,865.02$50,046.50
238$2,146.20$271.09$1,875.12$48,171.38
239$2,146.20$260.93$1,885.28$46,286.10
240$2,146.20$250.72$1,895.49$44,390.62
241$2,146.20$240.45$1,905.75$42,484.86
242$2,146.20$230.13$1,916.08$40,568.78
243$2,146.20$219.75$1,926.46$38,642.33
244$2,146.20$209.31$1,936.89$36,705.43
245$2,146.20$198.82$1,947.38$34,758.05
246$2,146.20$188.27$1,957.93$32,800.12
247$2,146.20$177.67$1,968.54$30,831.58
248$2,146.20$167.00$1,979.20$28,852.38
249$2,146.20$156.28$1,989.92$26,862.46
250$2,146.20$145.51$2,000.70$24,861.76
251$2,146.20$134.67$2,011.54$22,850.23
252$2,146.20$123.77$2,022.43$20,827.80
253$2,146.20$112.82$2,033.39$18,794.41
254$2,146.20$101.80$2,044.40$16,750.01
255$2,146.20$90.73$2,055.47$14,694.53
256$2,146.20$79.60$2,066.61$12,627.93
257$2,146.20$68.40$2,077.80$10,550.12
258$2,146.20$57.15$2,089.06$8,461.06
259$2,146.20$45.83$2,100.37$6,360.69
260$2,146.20$34.45$2,111.75$4,248.94
261$2,146.20$23.02$2,123.19$2,125.75
262$2,146.20$11.51$2,125.75$0.00

What an extra payment actually does

An extra payment applied to principal skips ahead in your amortization schedule. Every dollar of principal you retire early removes all the interest that dollar would have generated over every remaining month of the loan.

That is why the savings are so lopsided in favor of early extra payments. On a 30-year mortgage, an extra $250 a month in year one can save six figures of interest; the same $250 starting in year twenty saves a small fraction of that.

Enter your balance, rate and remaining term above, then set the extra amount. The comparison shows the payoff date, total interest and savings side by side.

Extra monthly, one lump sum, or one extra payment a year

A fixed extra amount every month is the most predictable and usually the most effective per dollar, because it starts working immediately.

One extra full payment a year — a tax refund or bonus — is roughly equivalent to spreading one-twelfth of a payment across each month, which is also what a biweekly schedule achieves. Compare it with the biweekly mortgage calculator.

A one-time lump sum saves the most when it lands early. Applying $10,000 in year two of a 30-year loan saves far more than the same $10,000 in year fifteen.

Make sure it is applied to principal

Servicers commonly apply overpayments to the next scheduled installment instead of principal. Send the extra separately, label it principal only, and check the following statement to confirm your balance dropped by the full amount.

When not to pay extra

Pay off higher-rate debt first — extra dollars on a 6% mortgage are worth less than the same dollars against a 23% card. Keep an emergency fund; money paid into a mortgage is hard to get back without a refinance or HELOC. And skip extra payments on federal student loans if you are pursuing forgiveness.

Worked example

Balance
$300,000
Rate
6.5%
Years remaining
30
Standard payment
$1,896
Extra $250 a month
Paid off about 6 years 3 months sooner
Interest saved
About $104,000

Rounded. Try your own extra amount above to find the payoff date you want.

Frequently asked questions

How much does one extra mortgage payment a year save?

On a typical 30-year mortgage it shortens the loan by roughly four to six years and saves tens of thousands in interest, depending on your rate and how early you start.

Is it better to make extra payments monthly or one lump sum a year?

Monthly wins slightly, because each dollar starts reducing interest sooner. The difference is small; consistency matters more than timing.

Do extra payments reduce my monthly payment?

No. They shorten the loan while the required payment stays the same, unless you ask the lender to recast the loan.

How do I tell my lender the extra payment is for principal?

Use the principal-only option in your servicer's payment portal, or write 'apply to principal, do not advance due date' on a separate check, then verify on your next statement.

Should I pay extra on the loan or invest?

Paying extra is a guaranteed return equal to your loan rate. Investing has higher expected but uncertain returns. Clear high-rate debt first, then compare your loan rate to a realistic after-tax return.