Keyword focus: extra payment mortgage calculator
Extra Payment Mortgage Calculator
Experiment with monthly, annual, or lump-sum principal payments.
Input recurring or one-time extra payments to see payoff dates and interest savings.
Even small extra payments compound into years of savings. Use this page to design a payoff plan that matches bonuses, tax refunds, or rental income.
What to review
- Compare monthly extra payments versus annual lump sums.
- Ensure servicers apply extra funds to principal, not future interest.
- Coordinate extra payments with emergency fund targets and other goals.
Quick tips
- Label payments clearly
- Add “apply to principal” notes when submitting extra payments so servicers allocate correctly.
- Automate the plan
- Set calendar reminders around bonuses or tax refunds to keep your payoff on schedule.
- Balance other debts
- Pay down higher-interest debt first. Use the calculator to confirm mortgage prepayments still make sense.
Common questions
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Can I recast after a lump sum?
Many lenders allow recasting for a small fee. After a large extra payment, request a recast to reduce monthly payments while keeping the same rate.
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Is it better to invest instead?
Compare extra payment savings to expected investment returns. The calculator gives you the mortgage side of the equation.
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Are there prepayment penalties?
Most modern mortgages have none, but double-check your note. If there is a penalty, model smaller payments that stay within the free allowance.