Calculate monthly payments, see the impact of extra payments, and compare loan scenarios
Even small extra payments can save you tens of thousands in interest. Here's what different extra payment amounts do on a $280,000 loan at 6.5% (30-year fixed):
| Extra/Month | Interest Saved | Years Saved |
|---|---|---|
| $100/month | $52,800 | 5.3 years |
| $200/month | $86,400 | 8.8 years |
| $500/month | $136,500 | 14.2 years |
| One extra payment/year | $42,300 | 4.2 years |
Approximate figures. Use the calculator above for exact numbers.
| Loan A | Loan B | Difference | |
|---|---|---|---|
| Monthly Payment (P&I) | - | - | - |
| Total Interest | - | - | - |
| Total Cost | - | - | - |
| Payoff Year | - | - | - |
Our mortgage calculator shows the true cost of homeownership. The three tabs above let you: calculate your basic payment with PITI breakdown, see the massive impact of extra payments, and compare different loan scenarios side by side.
Mortgages use amortization �?early payments are mostly interest, while later payments go mostly toward principal. On a 30-year $280,000 loan at 6.5%, your first payment might be $1,517 going to interest and only $253 to principal. By year 20, the split flips: roughly $900 to principal and $870 to interest.