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Input your home price, interest rate, and loan term to get your baseline monthly payment.
Input an extra monthly amount you plan to pay to see the impact on your loan.
Instantly view how much interest you save and how many years you shave off your mortgage.
Everything you need to know about calculating mortgages and extra payments.
Making extra payments directly targets your loan principal. Because mortgages use an amortization schedule where most early payments go toward interest, paying down the principal early reduces the total amount of interest that can accrue over the life of the loan. This allows you to pay off your home years earlier and save tens of thousands of dollars.
Yes, our underlying algorithm runs a complete monthly amortization schedule behind the scenes to accurately calculate your exact interest saved and remaining payoff time based on your extra payment inputs.
100% Secure. All calculations happen locally inside your web browser. We do not transmit, save, or store your loan amounts, interest rates, or extra payment data on any server.
Yes. This mortgage calculator is completely free to use. There are no subscriptions, no accounts required, and no hidden fees.
Choosing a 15-year mortgage generally results in higher monthly payments, but you will pay significantly less total interest over the life of the loan. A 30-year mortgage offers lower, more manageable monthly payments, but the total interest paid will be much higher. You can use this calculator to easily compare both scenarios by simply changing the "Loan Term" field.
Many financial experts recommend the 28/36 rule. This rule suggests that you should spend no more than 28% of your gross monthly income on housing expenses (including mortgage principal, interest, taxes, and insurance), and no more than 36% on total debt service (including car loans and credit cards).
Yes! Our tool features native multi-currency support. Whether you are calculating in US Dollars ($), Euros (€), British Pounds (£), Indian Rupees (₹), Australian Dollars (A$), or Canadian Dollars (C$), you can simply select your local currency from the dropdown at the top of the calculator.