How this calculator works
Extra payments go straight to principal, which shrinks every future interest charge. Even one extra payment a year on a 30-year loan can cut roughly 4–5 years off the term.
Loans this applies to
Home loan
Conventional Loans
A conventional loan is a mortgage not insured by the government that follows Fannie Mae or Freddie Mac guidelines.
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Home loanRate-and-Term Refinance
A rate-and-term refinance replaces your mortgage with a new one to change the rate, the term or the loan type, without taking cash out.
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FAQ
Is the Extra Payment Calculator free?
Yes. It is free, needs no sign-up and does not check your credit.
How accurate is the Extra Payment Calculator?
It uses the same formulas lenders use, but results are estimates. Your actual terms come from your Loan Estimate or term sheet.
Estimates only, for educational use. Not a loan offer or commitment to lend.