Mortgage Amortization Calculator
View a complete amortization schedule and see how extra payments reduce your loan.
Inputs
$
%
$
Results
Monthly Payment
$954.83
Principal & Interest
Payoff
259 mo
Months Saved
101 mo
Total Interest
$98,810.00
Interest Saved
$44,929.01
Formula
Standard amortization with extra payment applied to principal each month.
Extra payments go directly to principal reduction, accelerating payoff and reducing total interest.
Worked Example
Loan: $200,000 | Rate: 4% | Term: 30yr | Extra: $200/mo
Regular payment: $954.83/mo
With $200 extra: pays off ~8 years early, saves ~$47,000 in interest.
When to Use This Calculator
Use to see a full amortization schedule and to model the impact of making extra payments on your mortgage.
Important Assumptions
- Fixed rate.
- Extra payments applied monthly.
- No prepayment penalties.
Common Mistakes to Avoid
- Assuming extra payments must be large — even small consistent extra payments save significant interest over time.
- Not verifying that your lender applies extra payments to principal.
Frequently Asked Questions
How much can I save with extra payments?
It depends on your rate, balance, and extra amount. Even $100/month extra on a $200,000 mortgage at 4% can save tens of thousands in interest and years off the loan.
Is it better to make extra payments or invest?
Compare your mortgage rate to expected investment returns after taxes. If your mortgage rate is lower than your expected after-tax return, investing may yield more, but this depends on your risk tolerance and financial situation.
Related Calculators
Methodology: This calculator uses standard financial formulas documented above. All calculation engines are unit-tested for accuracy.View full methodology
Disclaimer: This calculator provides estimates for educational purposes only. Results do not constitute financial advice.Full disclaimer