Finance

Mortgage Extra Payment Calculator

Mortgage extra payment calculator comparing original payoff with monthly additional principal payments.

See how a recurring extra principal payment could shorten a fixed-rate mortgage and reduce interest. The model assumes monthly payments, a constant rate, and no missed payments.

Confirm that the servicer applies extra money to principal and check for any prepayment terms. Taxes, insurance, mortgage insurance, HOA charges, and fees are excluded.

Frequently asked questions

Does the extra amount lower my required payment?

Usually no. It generally reduces principal and shortens payoff unless the loan is formally recast.

Are escrow costs included?

No. The calculation covers principal and interest only.

Should I confirm principal application?

Yes. Check the servicer's instructions so an extra payment is not treated as an advance of the next installment.