Additional Mortgage Payment Calculator

Introduction: The Additional Mortgage Payment Calculator is designed to help individuals understand the impact of making extra monthly payments on their mortgage. By providing details such as the loan amount, annual interest rate, loan term, and additional monthly payment, users can estimate the adjusted monthly payment.

Formula: The calculator utilizes the following formula to calculate the adjusted monthly payment: Adjusted Monthly Payment=(Loan Amount×Monthly Interest Rate1−(1+Monthly Interest Rate)−Total Payments)+Additional Monthly PaymentAdjusted Monthly Payment=(1−(1+Monthly Interest Rate)−Total PaymentsLoan Amount×Monthly Interest Rate​)+Additional Monthly Payment where the Monthly Interest Rate is the annual interest rate divided by 100 and divided by 12, and Total Payments are the total number of monthly payments over the loan term.

How to Use:

  1. Enter the Loan Amount.
  2. Input the Annual Interest Rate.
  3. Specify the Loan Term in years.
  4. Enter the Additional Monthly Payment you plan to make.
  5. Click the “Calculate” button to view your adjusted monthly payment.

Example: Suppose you have a mortgage with a loan amount of $250,000, an annual interest rate of 4%, a loan term of 30 years, and you want to make an additional monthly payment of $100. Use the Additional Mortgage Payment Calculator to find out your adjusted monthly payment.


  1. What is an additional mortgage payment? An additional mortgage payment is an extra payment made towards your mortgage principal, typically on a monthly basis, to reduce the loan balance faster.
  2. How does the Additional Mortgage Payment Calculator work? The calculator estimates the adjusted monthly payment by considering the original loan details and the additional monthly payment. It helps users understand the potential impact of extra payments on their mortgage.
  3. Can I use the calculator for different loan amounts and interest rates? Yes, the calculator is flexible and can be used for various loan amounts and interest rates by adjusting the input.
  4. Is the adjusted monthly payment fixed throughout the loan term? Yes, the calculated adjusted monthly payment remains constant throughout the entire loan term, assuming a fixed interest rate.
  5. What happens if I make additional payments towards my mortgage? Making additional payments reduces the outstanding loan balance faster, resulting in less interest paid over the life of the loan and an earlier payoff.
  6. Can I use the calculator for loans with variable interest rates? The calculator assumes a fixed interest rate. Results for variable rate loans may differ.
  7. Does the calculator consider taxes and insurance? No, the calculator focuses on the mortgage principal and interest. Additional costs like property taxes and insurance are not included.
  8. Is the calculator suitable for different currencies? Yes, as long as the currency is consistent for all input fields, the results will be in that currency.
  9. Can I make occasional extra payments instead of monthly? The calculator assumes a consistent monthly additional payment. Occasional extra payments may be considered separately.
  10. Should I consult a financial advisor before making additional mortgage payments? It’s advisable to consult with a financial advisor to understand your specific financial situation and consider all factors before deciding on additional mortgage payments.

Conclusion: The Additional Mortgage Payment Calculator empowers users to explore the potential benefits of making extra payments towards their mortgage. It serves as a valuable tool for those looking to accelerate their path to debt-free homeownership. Before implementing any changes to your mortgage strategy, it’s recommended to consult with financial professionals for personalized advice.

Leave a Comment