What Could an Extra Mortgage Payment Save?
Compare a 15-year and a 30-year mortgage, then see what an extra monthly principal payment could save on each. Change the numbers to see how each choice affects your payment, total interest, and payoff date.
The numbers below are hypothetical examples, not current mortgage rates. Replace them with your own. Nothing you enter is saved or sent anywhere.
1. A 15-year or a 30-year mortgage
| 15-year | 30-year | |
|---|---|---|
| Monthly principal and interest | ||
| Total interest paid | ||
| Total principal and interest paid | ||
| Payoff time |
2. What an extra payment could save
15-year mortgage
| Standard | With extra | |
|---|---|---|
| Monthly principal and interest, including extra payment | ||
| Total interest paid | ||
| Payoff time | ||
| Interest saved | ||
| Paid off sooner by |
30-year mortgage
| Standard | With extra | |
|---|---|---|
| Monthly principal and interest, including extra payment | ||
| Total interest paid | ||
| Payoff time | ||
| Interest saved | ||
| Paid off sooner by |
The final payment may differ slightly from the regular monthly amount. With extra payments, it is often smaller.
This calculator is a hypothetical educational illustration, not a loan quote or personalized financial advice. It assumes fixed interest rates, monthly payments, and extra payments applied to principal. It excludes property taxes, homeowners insurance, mortgage insurance, closing costs, fees, and any prepayment penalties. Actual lender calculations may differ. Confirm with your lender how extra payments are applied and whether restrictions or penalties apply.
A shorter mortgage term generally requires a higher monthly payment but reduces total interest when rates are comparable. A longer term generally lowers the required payment. Extra principal payments can shorten the payoff period and reduce interest, but they also leave less money available for other needs.