Extra Mortgage Payment Calculator

When it comes to your mortgage, it is always nice to know that often you have the ability to spend a little extra, and save a lot more. Using our extra mortgage payment calculator will show you how much money in interest you can save over the life of your loan by making additional loan payments. The savings can be significant because making an extra payment will pay down both interest and principal. As the principal lowers, so does the interest. Knowing this tool is available can help you to understand the impact an extra payment will make in your total expenses.

Extra Mortgage Payment Calculator Benefits

You first enter the information you have available for your loan including the loan amount, the term, the annual interest rate, and the extra amount above your mortgage payment you plan to make each month. Once the data is in the form, simply hit calculate to see the original total cost if no extra payments were made, the total cost with extra payments and the total amount you will save. Applying extra dollars to your loan can provide some significant savings. This is a very helpful tool for individuals who find they can reduce expenses in another area of their budget to apply to a mortgage. The extra mortgage payment calculator is also an excellent tool to help those who have additional funds.


Equity Source Mortgage knows the mortgage and refinances market and has been serving home buyers here for well over a decade. Because of this experience and understanding, Equity Source Mortgage is uniquely equipped to provide vast information and great counsel to find the right home mortgage and loan options. We understand the importance of your home, and the importance of a mortgage that is right for your unique situation. We are passionate about providing you the straight talk to make sure you are aware of your options, and we work hard to help you make the right decision. Contact Equity Source Mortgage today, or apply online through our secure online application.