Extra Principal Payments Calculator
Cut Years Off Your Mortgage
Small extra payments can create big results.
Our free Extra Principal Payments Calculator shows exactly how additional monthly amounts or a one-time lump sum can reduce your payoff time and save thousands in interest. Enter your loan details, add an extra payment plan, and see a complete amortization schedule instantly.
Why use an extra principal payments calculator?
Traditional mortgages are front-loaded with interest, which means early payments barely touch your balance. By adding even a modest extra principal amount, you shift more of each payment toward equity and shorten the life of your loan. This Mortgage Amortization Calculator makes those effects clear with real numbers you can export and share.
What you can do with this tool
- Calculate a full amortization schedule with your loan amount, rate, and term
- Model extra monthly principal to see time and interest saved
- Apply a one-time lump sum in any month and measure the impact
- Compare scenarios to decide the smartest payoff strategy for your goals
- Download your schedule as CSV for budgeting or financial reviews
Who benefits most
Homeowners planning a refinance, buyers evaluating affordability, and anyone targeting early payoff will get immediate value. If you are considering a cash-out refinance or deciding between extra monthly principal and a single lump sum, this Mortgage Amortization Calculator gives you a data-backed answer.
How to get the most from your results
- Test a range of extra monthly amounts to find your fastest affordable payoff
- Try a lump sum in month 2-6 to front-load principal reduction
- Review total interest saved vs the baseline 30-year schedule
- Export and share the CSV with your lender or advisor for verification
Try the Mortgage Amortization Calculator now
Run your numbers in seconds. No sign-up. No friction. Just clarity.
Use this free Mortgage Amortization Calculator to see how your loan will play out over time. Enter your loan amount, interest rate, and term, then add optional extra monthly payments or a one-time lump sum to see how much faster you can pay off your mortgage and how much interest you can save.
FAQs
What is an extra principal payment?
An extra principal payment is any amount you pay in addition to your required monthly payment that is directed only to the principal balance. Reducing principal early lowers the interest charged in future months and shortens your loan term.
Is a lump sum better than small monthly extras?
Paying a lump sum earlier typically saves more interest than spreading the same amount over many months, because you reduce the balance sooner. Use the Mortgage Amortization Calculator to compare both options for your exact loan terms.
Do lenders allow extra principal payments?
Most fixed-rate mortgages allow additional principal at any time with no prepayment penalty. When you make an extra payment, label it apply to principal so the servicer does not treat it as an early regular payment. Always confirm terms with your lender.
What about taxes and escrow?
This Mortgage Amortization Calculator focuses on principal and interest. Property taxes, insurance, HOA fees, and escrow are separate and vary by location. Use the export function to share your amortization with a professional who can add those costs to your plan.
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