Extra Payment Savings Calculator

Understanding Extra Mortgage Payments

Making extra payments on your mortgage can be one of the smartest financial decisions, potentially saving you thousands in interest and helping you become debt-free years sooner. This calculator helps you visualize the impact of making additional payments on your mortgage.

Types of Extra Payments

Monthly Extra Payments

Regular additional payments made each month. Even small amounts like €50-€100 can make a significant difference over time.

One-Time Extra Payments

Lump-sum payments from bonuses, tax returns, or other windfalls that can dramatically reduce your principal.

Benefits of Extra Payments

Reduce Interest Costs

Every extra payment reduces your principal, leading to less interest over the life of the loan

Shorten Loan Term

Extra payments can help you pay off your mortgage months or years ahead of schedule

Build Equity Faster

Additional payments go directly to principal, helping you build equity in your home more quickly

Flexible Commitment

You can adjust or stop extra payments if your financial situation changes

How to Use This Calculator

1

Enter Your Current Loan Information

Input your remaining loan balance, current interest rate, and remaining loan term. You can find these details on your mortgage statement or by contacting your lender.

2

Choose Your Extra Payment Strategy

  • Monthly Extra: Enter an amount you can commit to paying extra each month
  • One-Time Payment: Input any lump sum you plan to pay
  • Payment Month: Specify when you'll make the one-time payment
3

Analyze Your Results

Review the detailed breakdown of your savings in both time and money. The graph shows how extra payments affect your loan balance over time.

Pro Tips

  • Try different scenarios to find a comfortable extra payment amount
  • Consider starting with a small monthly extra payment and increasing it over time
  • Compare the impact of monthly vs. one-time payments

Important Considerations

⚠️

Check if your mortgage has any prepayment penalties before making extra payments

⚠️

Ensure extra payments are applied to principal, not future scheduled payments

⚠️

Consider your other financial goals before committing to extra mortgage payments

Calculate Your Savings