How the Extra Payment Calculator Works

It shows how making extra principal payments — monthly, yearly, or one-time — shortens your loan term and cuts the total interest you pay.

How It Works, Step by Step

The calculator runs your loan on two tracks: the standard schedule and a schedule with your extra principal applied. It compares the two to show the months saved and the interest saved by paying ahead.

Extra-payment savings come purely from principal and interest, so the result is the same regardless of state. In Florida, though, the money you free up by paying off your loan sooner is especially valuable given rising insurance costs that you will still owe even after the mortgage is gone.

Want the underlying math? See the extra payment formula page, or open the calculator to try it with your own figures.