Home Resources Useful Links Useful Links Financial Calculators October 1, 2021 CPAs & Advisors How much will I save by increasing my mortgage payment? Find out how much interest you can save by paying an additional amount with your mortgage payment. The additional amount will reduce the principal on your mortgage, as well as the total amount of interest you will pay, and the number of payments. All fields are required. Original loan amount Original mortgage lengthloan term in months or years Months YearsDate of loan Month loan started JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember Year loan started 1996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026 Interest rateDate of first extra payment Extra payment start month JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember Extra payment start year 2025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049205020512052205320542055 Additional payment amount Additional payment frequency MonthlyAnnuallyOne Time Show Payment Schedule Calculator Results The extra payments will allow you to pay off your remaining loan balance 3 years earlier. Because you will pay off your loan sooner, you will save $51,216.68 in interest over the life of the loan. Calculator disclaimer The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. Presented by TimeValue Software ©2025
