Mortgage calculator with extra payments

Works for a new loan or the one you already have: enter the balance and the years left. You will see your payment, what the loan really costs, and exactly what extra money buys — in years and in dollars of interest you never pay.

Where the money goes

In the early years of a mortgage most of each payment is interest. That is why extra money paid early does so much: every extra dollar comes straight off the balance, and the interest that balance would have charged for the rest of the loan never happens.

Biweekly payments, without the fee

Paying half your payment every two weeks works out to 13 full payments a year instead of 12. You do not need a paid "biweekly program" to get that — adding one-twelfth of your payment to each monthly payment does the same thing. Ask your servicer to apply the extra to principal.

Before you pay extra on the house

• If you carry credit card debt at 20%+, that comes first. Paying down a 6% mortgage while a 24% card grows is the expensive order.
• Hold an emergency cushion first. Money paid into the house is hard to get back out without borrowing against it — and borrowing against your home puts the home at risk.
• The payment shown is principal and interest only. Taxes, insurance and PMI held in escrow are on top.

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