Financial Planning Tool
Mortgage Payment
& Extra Payment Calculator
See exactly how extra payments reduce your loan term and total interest paid — adjust any variable to model your scenario.
Loan Details
Home Price $1,000,000
$200k$3M
Down Payment 20% · $200,000
3%50%
Interest Rate 6.50%
3%12%
Loan Term 30 years
10 yr30 yr
Extra Payments Save Interest
Extra Monthly Payment $0
$0$5,000
Extra Annual Lump Sum $0
$0$50,000
Biweekly Payments Off
OffOn
PITI Additions (optional)
Property Tax (annual) $11,500
$0$30,000
Homeowner's Insurance (annual) $2,400
$0$10,000
HOA (monthly) $0
$0$1,000
Monthly P&I
$5,054
+ tax, ins, HOA
Total Monthly
$6,012
PITI + HOA
Total Interest
$1,019,848
base scenario
Loan Amount
$800,000
80% LTV
Base Scenario
Standard
Monthly P&I payment —
Total interest paid —
Total cost of loan —
Loan payoff date —
Payoff term —
With Extra Payments
+ $0/mo extra
Effective monthly payment —
Total interest paid —
Total cost of loan —
Loan payoff date —
Payoff term —
Remaining Balance Over Time
Base scenario With extra payments
Principal vs Interest — Base
Principal Interest
Principal vs Interest — With Extra
Principal Interest
Annual Interest vs Principal Paydown
Principal Interest Extra payment
Amortization Schedule
| Year | Principal | Interest | Extra Paid | Balance | Equity % |
|---|
Payment Strategies
01
Biweekly Payments
Pay half your monthly payment every two weeks. This results in 13 full payments per year instead of 12 — cutting years off your loan with no change in budget feel.
02
One Extra Annual Payment
Make one additional full monthly payment each year — either as a lump sum or divided into 12 smaller additions each month. Simple and highly effective.
03
Windfalls to Principal
Apply tax refunds, bonuses, or inheritance directly to your principal balance. Early lump-sum payments have a disproportionately large impact on total interest saved.