Calculator
Extra Payment Calculator
What does an extra $200 a month actually buy me?
The loan
What you would add
Interest you would not pay
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and the loan finishes — earlier
What that buys you
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- Term as it stands
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- Term with extras
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- Interest as it stands
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- Interest with extras
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Balance, with and without the extras
The gap between the lines is equity you own years earlier.
Total interest, both ways
The accelerated schedule
With every extra payment applied. The Extra column appears once there is something in it.
Share this result
Thank you — that is where it would go.
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Illustrative figures — here is exactly what this assumes
- Extra amounts applied to principal in the month you set.
- Fixed rate, no recast, and no reduction in the scheduled payment.
- No prepayment penalty modelled — check your own note.
- Comparison is principal and interest only.
- Nothing is modelled for what the same money might earn elsewhere.
- Figures are illustrative and are not advice or a commitment to lend.
This calculator provides estimates for educational purposes only. Results are not a Loan Estimate, pre-approval, or commitment to lend, and may not reflect taxes, insurance, HOA dues, or other costs. Contact a loan officer for an accurate quote.
Rates shown are for illustrative purposes only, are not a quote or guarantee, and do not reflect a specific offer. Actual rates depend on credit score, loan amount, loan-to-value, occupancy, and other factors, and change daily. Contact us for a personalized rate quote.
Turn the estimate into a number
A calculator uses averages. A loan officer uses your file.
Property taxes, insurance and mortgage insurance all move by county, by carrier and by credit profile. If you want a figure you can plan around, that is the conversation to have.
- No credit pull to start a conversation
- Plain answers, including "this is not the right time"
- You can stop at any point
This is a demonstration website. The form below validates and confirms, but nothing is sent and nothing is stored. Nobody will call you.
Thank you, there.
On a live site this would reach a loan officer and you would hear back the same working day. On this demonstration nothing was sent, nothing was stored, and nobody will contact you.
If you want to reach a real person about this demo, the site owner is athello@summitcrestmortgage.com.
Keep going
- Monthly PaymentPrincipal, interest, tax, insurance, HOA and PMI — itemised.
- Amortisation ScheduleEvery payment, month by month or year by year, with running totals.
- AffordabilityIncome, debts and DTI turned into a defensible price range.
- Refinance & Break-evenNew rate against closing costs, and the month it pays back.
- Rent vs BuyBoth paths over a holding period, with every assumption exposed.
Calculator FAQ
Questions about overpaying
Why does a small extra payment do so much?
Because it comes entirely off the balance, and the balance is what interest is charged on. An extra hundred dollars in month one never accrues interest again for the remaining three hundred and fifty-nine months. That compounding in reverse is why overpaying early is worth far more than overpaying late.
Is a lump sum or a monthly overpayment better?
Whichever gets money onto the balance sooner. A lump sum today beats the same amount spread over five years; a monthly habit beats a lump sum you keep meaning to make. Model both above — the schedule updates as you type.
Are there reasons not to overpay?
Several. Check for a prepayment penalty on your note. Clear higher-rate debt first, since a card at nineteen percent beats a mortgage at six. Keep an emergency fund, because money paid into a house is hard to get back out. And if your loan rate is below what cash earns safely, the arithmetic may favour saving instead.
Will my monthly payment go down?
Usually not. On most loans an overpayment shortens the term rather than reducing the payment — you finish earlier at the same monthly figure. Some lenders will recast the loan for a fee after a large lump sum, which does lower the payment. Ask before you send the money.