Extra Mortgage Payment Calculator
Enter your loan details and an extra monthly payment amount to see how much interest you can save and how much faster you can pay off your mortgage.
Extra Monthly Payment
$
Estimated Monthly Payment
$2,896
Estimates are for educational purposes only and are not a loan offer or commitment to lend.
FHA Eligible
Loan Amount: $360,000
LTV: 0.01%
P&I Payment
$2,383
Total Interest
$497,884
over loan life
Payoff
30 yr
Closing Costs
$6,105–$11,396
est. range
Monthly Payment Breakdown
2025 Loan Limit Context
FHA Limit
$524,225
Conforming Limit
$806,500
Amortization Schedule
| Mo. | Payment | Principal | Interest | Balance | Total Interest |
|---|---|---|---|---|---|
| 1 | $2,383 | $298 | $2,085 | $359,702 | $2,085 |
| 2 | $2,383 | $300 | $2,083 | $359,402 | $4,168 |
| 3 | $2,383 | $301 | $2,082 | $359,101 | $6,250 |
| 4 | $2,383 | $303 | $2,080 | $358,798 | $8,330 |
| 5 | $2,383 | $305 | $2,078 | $358,493 | $10,408 |
| 6 | $2,383 | $307 | $2,076 | $358,186 | $12,484 |
| 7 | $2,383 | $309 | $2,074 | $357,877 | $14,558 |
| 8 | $2,383 | $310 | $2,073 | $357,567 | $16,631 |
| 9 | $2,383 | $312 | $2,071 | $357,255 | $18,702 |
| 10 | $2,383 | $314 | $2,069 | $356,941 | $20,771 |
| 11 | $2,383 | $316 | $2,067 | $356,625 | $22,838 |
| 12 | $2,383 | $318 | $2,065 | $356,308 | $24,904 |
Months 1–12 of 360
Frequently Asked Questions
How much can extra payments save?
On a $400,000 30-year loan at 7%, paying an extra $200/month saves approximately $60,000 in interest and shortens the loan by about 5 years.
Does it matter when I make extra payments?
Yes — the earlier in the loan term you make extra payments, the more interest you save. Extra payments in the first few years have significantly higher impact than those made late in the loan.
Are there prepayment penalties?
Most conventional loans have no prepayment penalties, but always confirm with your lender. Some ARMs and older loans may have restrictions.