Mortgage Pay Extra Calculator

Calculating mortgage payments can be complex, especially when considering extra payments towards the principal. Our Mortgage Pay Extra Calculator simplifies this process, providing you with accurate estimates on your mortgage payments.

The calculator utilizes the standard formula for calculating mortgage payments, taking into account the loan amount, interest rate, loan term, and any additional payments towards the principal. The formula involves using the loan amount, interest rate, and loan term to calculate the monthly payment, and then adjusting for extra payments made.

How to use:

  1. Enter the loan amount.
  2. Input the interest rate.
  3. Specify the loan term in years.
  4. Enter any additional payments you plan to make towards the principal.
  5. Click the “Calculate” button to see the results.

Suppose you have a $200,000 mortgage with a 4% interest rate and a 30-year term. You plan to make an extra $100 payment each month towards the principal. Using the Mortgage Pay Extra Calculator, you find that you can pay off your mortgage in 23 years and 4 months, saving thousands of dollars in interest.


  1. Can I use this calculator for different types of loans?
    Yes, while it’s labeled as a mortgage calculator, you can use it for other types of loans as well, as long as you have the necessary information.
  2. Do I need to include extra payments in the calculation?
    No, extra payments are optional. You can leave that field blank if you don’t plan to make any additional contributions.
  3. What if I have a variable interest rate?
    The calculator assumes a fixed interest rate. If you have a variable interest rate, you may need to adjust the calculations accordingly.
  4. Does this calculator account for taxes and insurance?
    No, this calculator focuses solely on mortgage payments and extra contributions towards the principal.
  5. Can I see an amortization schedule?
    Unfortunately, this calculator does not provide an amortization schedule. You can find online tools that offer this feature.

Our Mortgage Pay Extra Calculator empowers you to make informed decisions about your mortgage payments. By understanding how extra contributions impact your loan term and overall interest payments, you can potentially save money and pay off your mortgage sooner. Use this tool to plan your finances effectively and achieve your homeownership goals.

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