Should I make extra mortgage payments?

Every extra dollar toward principal skips all the interest that dollar would have carried for the rest of the loan. Enter what you could add each month and see the years and interest it erases.

Your loan today

CURRENT

Current balance

Interest rate

Years remaining

yrs

What you'd add

EXTRA

Extra each month

One-time lump sum

A bonus or tax refund applied to principal today.

Switch to biweekly payments — half your payment every two weeks means 26 half payments a year, or one extra full payment. This adds to the monthly extra above, it does not replace it.

🧮

Enter your balance, rate, and years remaining to see what extra payments do.

Save or send these numbersEmail

All four happen in your browser. Your figures are not sent anywhere — the email opens in your own mail app, already filled in.

Related calculators

Should I pay off the house or invest?

A guaranteed return from prepaying against a riskier one from the market.

Should I refinance?

See if refinancing saves money, when you break even, and what it costs to reset the clock.

Should I refinance to pay off debt?

Roll high-rate debts into a new mortgage and see the blended rate, the monthly saving, and what it costs over the full term.

Should I pay off a debt or invest?

Compare the guaranteed return of paying down debt against investing the same money.

What an extra $200 a month is actually worthA written guide to the rules behind this calculator →

For educational purposes only. Confirm your servicer applies extra payments to principal, and check for prepayment penalties. Before prepaying, make sure you have an emergency fund and are capturing any employer retirement match — those usually come first.