Mortgage Extra Payments Calculator
Mortgage Extra Payments Calculator is a financial calculator that helps you see how an extra monthly payment shortens your mortgage and cuts total interest. The formula used is: Add extra to each monthly payment, then amortize: Interest = Balance × r, Principal = (M + extra) − Interest. Enter monetary values in your local currency and interest rates as plain numbers (e.g. 5 for 5%).
Formula
Add extra to each monthly payment, then amortize: Interest = Balance × r, Principal = (M + extra) − Interest
- Formula: Add extra to each monthly payment, then amortize: Interest = Balance × r, Principal = (M + extra) − Interest
- Enter monetary values in your local currency and interest rates as plain numbers (e.g. 5 for 5%).
- Assumes a fixed interest rate and equal periodic payments; taxes, insurance and fees are excluded unless stated.
Example Calculation
Enter your values and the calculator applies the formula (Add extra to each monthly payment, then amortize: Interest = Balance × r, Principal = (M + extra) − Interest) and shows the results below. Change any input to update the result instantly.
Frequently asked questions
What is the Mortgage Extra Payments?
The Mortgage Extra Payments Calculator helps you see how an extra monthly payment shortens your mortgage and cuts total interest. Enter monetary values in your local currency and interest rates as plain numbers (e.g. 5 for 5%).
When should I use this calculator?
Use this calculator whenever you need a quick, accurate result for see how an extra monthly payment shortens your mortgage and cuts total interest.
What should I enter?
Enter monetary values in your local currency and interest rates as plain numbers (e.g. 5 for 5%).
How accurate are the results?
Results are estimates based on the stated formula and assumptions. Verify against your own figures or an authoritative source before acting on them.
How can I verify the calculation manually?
Apply the formula (Add extra to each monthly payment, then amortize: Interest = Balance × r, Principal = (M + extra) − Interest) and work through the numbers step by step. If your result differs, re-check units and rounding first.