Extra Mortgage Payment Calculator | HomeMortgage.com

Extra Mortgage Payment Calculator

The Extra Mortgage Payment Calculator is for those who are looking to pay off their loan ahead of time and are wondering how much their extra payments will impact the overall mortgage period. By shortening your mortgage term, you can save a great deal of money in the long run. Additionally, you can consider paying for mortgage points up front and further shorten your loan period. The Mortgage Points Calculator can help you decide if this is the right option for you and your family based on your income.

Figuring Out How Much More You Should Pay

No one wants to be locked into long-term debt, but home mortgage rates for loans with shorter payment periods are typically higher than their extended counterparts. Thankfully, there are steps you can take to decrease the burden. By submitting your loan information, plus the additional amount you're willing to pay, you'll see how your mortgage is impacted. If you can afford to pay more on your mortgage each month, you can shorten the payment timeframe by years. HomeMortgage.com can easily connect you with a lender that will work to get you a suitable rate. The bottom line: We want you to get the best home mortgage rates. Try our collection of mortgage calculators and find out the best mortgage plan for you!


Input Information
Loan Information
Amount : ($)
Interest Rate : (%)
Length : (Years)
Additional Payment
Additional Payment : ($)
 Let Me Print That Form in PDF!

Send to Email Address :
Name :
Phone # :

Financial Analysis (Switch to Plain English)
  Standard Additional Payment
Monthly Payment : $1,342.05 $1,392.05
Total Monthly Payments : $483,133.89 $461,835.60
Interest Savings : $21,298.29
Length : 30 Yrs 0 Mts 27 Yrs 8 Mts
Time Saved : 2 Yrs 4 Mts
Plain English Help (Switch to Financial Analysis)

When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a great deal of money by simply paying a little extra each month.

If you take out a 30 year loan for $250,000.00 with a 5.000% interest rate, for example, your monthly payment (interest and principal only) will be $1,342.05. By the time the 30 year time period is complete, you will have paid $483,133.89 for your home.

If you pay just $50.00 more each month, you will pay only $461,835.60 toward your home. This is a savings of $21,298.29. In addition, you will get the loan paid off 2 Years 4 Months sooner than if you paid only your regular monthly payment.

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.