This mortgage calculator helps you determine your monthly mortgage payment and shows how additional payments can impact the loan term and interest.

How It Works

By entering the loan amount, interest rate, loan term, and any extra payment, you can see how these factors affect your monthly payments and the overall cost of the mortgage.

Example Calculation

If you take out a $250,000 loan with a 3.5% interest rate over 30 years and make an extra $200 payment each month, the extra payments will reduce your loan term and save you money on interest.

Why Extra Payments Matter

Making additional payments toward your mortgage can significantly reduce your loan term and the total amount of interest paid over time. This strategy is especially helpful for homeowners who want to pay off their mortgage faster and save on interest.