Loan Tax CalculatorExtra Payments Calculator
See how additional principal payments accelerate your mortgage payoff and reduce total interest paid. Calculate savings from bi-weekly or lump-sum payments.
Interest saved by paying extra
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- New payoff time
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- Time saved
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- New monthly payment
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Extra payments are applied to principal each month. Confirm your servicer has no prepayment penalty and directs extra funds to principal.
Read the assumptions
Results are planning estimates based on the formula shown below. They are not a quote, a loan approval, or tax advice.
Worked example
- Loan
- $300,000 at 6% for 30 years
- Standard Payment
- $1,799/month
- Extra Payment
- $200/month
- New Payoff
- 24 years
- Interest Savings
- $89,000
How it works
Recalculate amortization schedule with additional payments applied to principal. Track faster principal paydown and monthly/yearly interest savings. New Payoff Time = month when balance reaches zero with extra payments; Interest Savings = (Original Total Interest) - (New Total Interest).