Extra Mortgage Payments & Amortization Calculator

How much could you save in interest by making extra mortgage payments?

Mortgage Amortization Calculator with Extra Payments

This calculator helps you get a general estimate. For a more personalized experience for your specific budget, try our Home Insight© Planner.

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You’ll enter information about your loan – whether it’s new or existing, the purchase price, down payment, term and interest rate.

You can also expand the Extra Payments section to fill in information about extra payments – whether you’ll make a lump sum or recurring payment, how often, when you’ll start and stop and the amount.

Based on your information, the calculator will tell you how much you can save on interest by making extra payments.

You can also click Payoff in Months for a chart comparing how many months it will take you to pay off your loan with and without extra payments.

You can also click Amortization, then See Table under either Without Extra Payments or With Extra Payments for a table listing each month’s payment, remaining balance, principal and interest paid and cumulative interest.

From the Payoff in Months or Amortization view, you can click Interest Paid to get back to the original view.

Interest is a percentage of the remaining loan amount (principal) that you’re charged each month. By making extra payments, you decrease the principal amount, which means the interest percentage is charged based on a smaller principal. You may also finish paying off your loan sooner – each month you don’t need to make a payment is an interest charge you don’t have to pay.

You can make an extra payment in many of the same ways you can make monthly payments – with Online Banking, Voice Banking, by visiting a branch or by mail.

Visit our Mortgage Customer Service page for more information.

Mortgage rates can change daily. Check current mortgage rates.

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