Loan Prepayment Calculator

Monthly Payment

$1,199.10/mo

Total Interest

$231,677.04

Payoff Date

March 2056

Amortization Schedule — Click a Row to Add Extra Payments

#DateLoan With Extra PaymentNormal Payment (No Extra)
MonthlyExtra Payment (Enter Below)Loan
Balance
TotalMonthlyLoan
Balance
Total
PaymentInterestPrincipalRepeatingSinglePaymentInterestPrincipalPaymentInterestPrincipalPaymentInterestPrincipal
12026-Apr$1,199.10$1,000.00$199.100.000.00$199,800.90$1,199.10$1,000.00$199.10$1,199.10$1,000.00$199.10$199,800.90$1,199.10$1,000.00$199.10
122027-Mar$1,199.10$988.77$210.330.000.00$197,543.99$14,389.20$11,933.19$2,456.01$1,199.10$988.77$210.33$197,543.99$14,389.20$11,933.19$2,456.01
242028-Mar$1,199.10$975.80$223.300.000.00$194,936.50$28,778.40$23,714.90$5,063.50$1,199.10$975.80$223.30$194,936.50$28,778.40$23,714.90$5,063.50
362029-Mar$1,199.10$962.03$237.070.000.00$192,168.20$43,167.60$35,335.80$7,831.80$1,199.10$962.03$237.07$192,168.20$43,167.60$35,335.80$7,831.80
482030-Mar$1,199.10$947.40$251.700.000.00$189,229.13$57,556.80$46,785.93$10,770.87$1,199.10$947.40$251.70$189,229.13$57,556.80$46,785.93$10,770.87
602031-Mar$1,199.10$931.88$267.220.000.00$186,108.80$71,946.00$58,054.80$13,891.20$1,199.10$931.88$267.22$186,108.80$71,946.00$58,054.80$13,891.20
722032-Mar$1,199.10$915.40$283.700.000.00$182,796.00$86,335.20$69,131.20$17,204.00$1,199.10$915.40$283.70$182,796.00$86,335.20$69,131.20$17,204.00
842033-Mar$1,199.10$897.90$301.200.000.00$179,278.87$100,724.40$80,003.27$20,721.13$1,199.10$897.90$301.20$179,278.87$100,724.40$80,003.27$20,721.13
962034-Mar$1,199.10$879.32$319.780.000.00$175,544.81$115,113.60$90,658.41$24,455.19$1,199.10$879.32$319.78$175,544.81$115,113.60$90,658.41$24,455.19
1082035-Mar$1,199.10$859.60$339.500.000.00$171,580.46$129,502.80$101,083.26$28,419.54$1,199.10$859.60$339.50$171,580.46$129,502.80$101,083.26$28,419.54
1202036-Mar$1,199.10$838.66$360.440.000.00$167,371.60$143,892.00$111,263.60$32,628.40$1,199.10$838.66$360.44$167,371.60$143,892.00$111,263.60$32,628.40
1322037-Mar$1,199.10$816.43$382.670.000.00$162,903.15$158,281.20$121,184.35$37,096.85$1,199.10$816.43$382.67$162,903.15$158,281.20$121,184.35$37,096.85
1442038-Mar$1,199.10$792.83$406.270.000.00$158,159.09$172,670.40$130,829.49$41,840.91$1,199.10$792.83$406.27$158,159.09$172,670.40$130,829.49$41,840.91
1562039-Mar$1,199.10$767.77$431.330.000.00$153,122.42$187,059.60$140,182.02$46,877.58$1,199.10$767.77$431.33$153,122.42$187,059.60$140,182.02$46,877.58
1682040-Mar$1,199.10$741.17$457.930.000.00$147,775.11$201,448.80$149,223.91$52,224.89$1,199.10$741.17$457.93$147,775.11$201,448.80$149,223.91$52,224.89
1802041-Mar$1,199.10$712.92$486.180.000.00$142,097.98$215,838.00$157,935.98$57,902.02$1,199.10$712.92$486.18$142,097.98$215,838.00$157,935.98$57,902.02
1922042-Mar$1,199.10$682.93$516.170.000.00$136,070.69$230,227.20$166,297.89$63,929.31$1,199.10$682.93$516.17$136,070.69$230,227.20$166,297.89$63,929.31
2042043-Mar$1,199.10$651.10$548.000.000.00$129,671.65$244,616.40$174,288.05$70,328.35$1,199.10$651.10$548.00$129,671.65$244,616.40$174,288.05$70,328.35
2162044-Mar$1,199.10$617.30$581.800.000.00$122,877.94$259,005.60$181,883.54$77,122.06$1,199.10$617.30$581.80$122,877.94$259,005.60$181,883.54$77,122.06
2282045-Mar$1,199.10$581.41$617.690.000.00$115,665.24$273,394.80$189,060.04$84,334.76$1,199.10$581.41$617.69$115,665.24$273,394.80$189,060.04$84,334.76
2402046-Mar$1,199.10$543.32$655.780.000.00$108,007.66$287,784.00$195,791.66$91,992.34$1,199.10$543.32$655.78$108,007.66$287,784.00$195,791.66$91,992.34
2522047-Mar$1,199.10$502.87$696.230.000.00$99,877.76$302,173.20$202,050.96$100,122.24$1,199.10$502.87$696.23$99,877.76$302,173.20$202,050.96$100,122.24
2642048-Mar$1,199.10$459.93$739.170.000.00$91,246.43$316,562.40$207,808.83$108,753.57$1,199.10$459.93$739.17$91,246.43$316,562.40$207,808.83$108,753.57
2762049-Mar$1,199.10$414.34$784.760.000.00$82,082.73$330,951.60$213,034.33$117,917.27$1,199.10$414.34$784.76$82,082.73$330,951.60$213,034.33$117,917.27
2882050-Mar$1,199.10$365.94$833.160.000.00$72,353.84$345,340.80$217,694.64$127,646.16$1,199.10$365.94$833.16$72,353.84$345,340.80$217,694.64$127,646.16
3002051-Mar$1,199.10$314.55$884.550.000.00$62,024.90$359,730.00$221,754.90$137,975.10$1,199.10$314.55$884.55$62,024.90$359,730.00$221,754.90$137,975.10
3122052-Mar$1,199.10$259.99$939.110.000.00$51,058.88$374,119.20$225,178.08$148,941.12$1,199.10$259.99$939.11$51,058.88$374,119.20$225,178.08$148,941.12
3242053-Mar$1,199.10$202.07$997.030.000.00$39,416.50$388,508.40$227,924.90$160,583.50$1,199.10$202.07$997.03$39,416.50$388,508.40$227,924.90$160,583.50
3362054-Mar$1,199.10$140.57$1,058.530.000.00$27,056.04$402,897.60$229,953.64$172,943.96$1,199.10$140.57$1,058.53$27,056.04$402,897.60$229,953.64$172,943.96
3482055-Mar$1,199.10$75.29$1,123.810.000.00$13,933.23$417,286.80$231,220.03$186,066.77$1,199.10$75.29$1,123.81$13,933.23$417,286.80$231,220.03$186,066.77
3602056-Mar$1,200.14$5.97$1,194.170.000.00$0.00$431,677.04$231,677.04$200,000.00$1,200.14$5.97$1,194.17$0.00$431,677.04$231,677.04$200,000.00

Repeating payments apply from that month onward. Single payments apply to that month only. Click any row to edit.

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How Extra Payments Work

When you make extra payments on your loan, the additional amount goes directly toward reducing your principal balance. Since interest is calculated on the remaining balance each month, a lower balance means less interest accrues. This creates a compounding effect: each extra dollar paid today saves you multiple dollars in future interest charges. Even modest additional payments of $50 to $200 per month can shave years off a 30-year mortgage and save tens of thousands in interest.

This calculator supports two types of extra payments. Repeating payments apply to every month from the selected row onward — perfect for a permanent budget increase. Single payments apply to one specific month only — ideal for modeling a bonus, tax refund, or inheritance. Click any row in the amortization table to enter extra payment amounts.

Most lenders allow prepayment without penalties, though it is worth confirming with your loan servicer. Some loans have prepayment penalty clauses, particularly during the first few years. Federal law prohibits prepayment penalties on many types of mortgages originated after January 2014.

Worked Example

Consider a $250,000 mortgage at 6.5% for 30 years. The standard monthly payment is $1,580.17. Over the full term, you would pay $318,861 in interest alone, nearly 1.3 times the original loan amount.

By adding just $300 per month in extra payments, you would pay off the loan in about 21 years instead of 30, saving approximately $120,000 in total interest. That $300 monthly investment effectively earns a guaranteed return equivalent to your mortgage rate, which is difficult to match with other low-risk investments.

Frequently Asked Questions

Should I make extra payments or invest the money instead?

Paying down your mortgage offers a guaranteed, risk-free return equal to your interest rate. If your mortgage rate is 6% or higher, extra payments are often a strong choice. If your rate is below 4%, you might earn more by investing in diversified index funds over the long term, though that carries market risk. Consider your risk tolerance, tax situation, and whether you have an adequate emergency fund before deciding.

Is it better to pay extra monthly or make a lump sum payment?

Both approaches reduce your principal and save interest. A lump sum applied early in the loan has the largest impact because it reduces the balance when interest charges are highest. Monthly extra payments provide a disciplined, consistent approach that is easier to budget for. Mathematically, the earlier you apply the money, the more you save.

Do extra payments reduce my monthly payment amount?

No. Extra payments reduce your remaining balance and shorten the loan term, but your required monthly payment stays the same. The benefit is that you pay off the loan sooner and pay significantly less total interest. If you need a lower monthly payment, you would need to refinance your loan.

How do I tell my lender to apply extra payments to principal?

Most lenders apply extra payments to principal automatically, but it is wise to confirm. When making your payment, look for a "additional principal" field on your statement or online portal. You can also include a note with your payment specifying that the extra amount should be applied to principal, not held for future payments.

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