Mortgage Extra Principal Calculator
See how much time and interest you save by adding extra monthly principal payments.
Repayment Timeline
Year-by-year summary of your loan repayment journey with extra payments applied.
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| 1 Year 1 | $9,535 | $19,219 | $290,465 |
| 2 Year 2 | $19,709 | $37,800 | $280,291 |
| 3 Year 3 | $30,564 | $55,699 | $269,436 |
| 4 Year 4 | $42,146 | $72,872 | $257,854 |
| 5 Year 5 | $54,504 | $89,268 | $245,496 |
| 6 Year 6 | $67,689 | $104,837 | $232,311 |
| 7 Year 7 | $81,758 | $119,523 | $218,242 |
| 8 Year 8 | $96,769 | $133,267 | $203,231 |
| 9 Year 9 | $112,785 | $146,005 | $187,215 |
| 10 Year 10 | $129,873 | $157,671 | $170,127 |
| 11 Year 11 | $148,106 | $168,193 | $151,894 |
| 12 Year 12 | $167,560 | $177,493 | $132,440 |
| 13 Year 13 | $188,317 | $185,490 | $111,683 |
| 14 Year 14 | $210,465 | $192,098 | $89,535 |
| 15 Year 15 | $234,095 | $197,222 | $65,905 |
| 16 Year 16 | $259,308 | $200,763 | $40,692 |
| 17 Year 17 | $286,209 | $202,616 | $13,791 |
| 18 Year 18 | $300,000 | $202,874 | $0 |
Popular Variations (1)
Slash Your Interest Costs
The most effective way to save money on a mortgage is to pay extra toward the principal. This reduces the balance on which interest is calculated, creating a compounding savings effect.Why It Works
1. Compounding Savings: Every dollar of principal removed today stops generating interest for the rest of the loan term. 2. Term Reduction: Adding just one extra payment per year can often shave 4-5 years off a 30-year mortgage. 3. Pure Equity: Extra payments go 100% toward equity, not interest.🚀 The Power of $200
On a $300,000 mortgage at 7%, adding just $200 extra per month can save you over $100,000 in interest** and pay the house off **8 years earlier.Frequently Asked Questions
Q: Is there a penalty for extra payments? A: Most modern mortgages allow "prepayment" without penalty, but always check with your lender if you have a "Prepayment Penalty" clause.Q: Should I pay off my mortgage or invest? A: If your mortgage rate is 3%, you might be better off investing. If your rate is 7%+, paying it off is a guaranteed "return" of 7%, which is hard to beat after taxes.
Results Mortgage Extra Principal Calculator
This is a powerful online tool designed to help you calculate your Finance metrics instantly. We are dedicated to providing accurate and easy-to-use financial and life tools.
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